Private banking: regulators approve the partnership between Fideuram and REYL

The European Central Bank (ECB) and the Swiss Federal Financial Market Supervisory Authority (FINMA) have approved the strategic partnership between Fideuram – Intesa Sanpaolo Private Banking, the private banking division of Intesa Sanpaolo Group, and REYL & Cie, a diversified and entrepreneurial banking group based in Geneva, first announced in October 2020.

The partnership between Fideuram-ISPB and REYL has resulted in the creation of an international private banking group with headquarters in Geneva, which will have around 400 employees, assets under management of close to CHF25 billion (€23 billion) and mandatory equity of around CHF210 million (€190 million).

The new group will be 69% owned by Fideuram-ISPB, which will significantly strengthen its international wealth management activities and its leading position in the Swiss banking market, the main hub of Fideuram-ISPB’s international private banking business.