Intesa Sanpaolo combines Swiss private banking activities with REYL & CIE

Fideuram-Intesa Sanpaolo Private Banking (Fideuram - ISP PB), the private banking division of Intesa Sanpaolo, has announced a strategic partnership with REYL & Cie SA (REYL), an independent and diversified banking group headquartered in Geneva.

Under the agreement, Fideuram - ISP PB will acquire a 69% interest in REYL and contribute to REYL its wholly-owned Swiss bank subsidiary Intesa Sanpaolo Private Bank (Suisse) Morval (ISPBM). The transaction is expected to be completed within the first half of 2021, following customary regulatory approvals.

The combination will create an international private banking group with close to 400 employees and assets under management (AUM) of over CHF 18 billion. The group will remain headquartered in Geneva, with presence in the EU, Latin America, Middle East and Far East.

The transaction will bring benefits including a reinforced institutional framework and balance sheet, cross-referrals across all business segments, seeding capital for new product initiatives, placement, syndication and co-advisory opportunities, as well a vastly expanded distribution network.

The strategic partnership with REYL confirms Intesa Sanpaolo’s strategy of building a world-class Wealth Management & Protection Company. It is also part of a broader strengthening and repositioning of the Private Banking Division’s foreign activities, especially in Switzerland.