Fideuram acquires 100% of Luxembourg private bank CBP

The combination expands the Group’s private banking activities for Italian and international HNWI clients

Fideuram - Intesa Sanpaolo Private Banking grows internationally with the acquisition of 100% of the Luxembourg private bank Compagnie de Banque Privée Quilvest (CBPQ).

CBPQ – with assets under management of about €7 bn and 150 employees – will enable the creation of an additional private banking hub in the European Union and the development of private banking activities in Luxembourg and Belgium.

CBPQ will be integrated into Fideuram Bank Luxembourg to increase its support to Italian and foreign HNWI (High Net Worth Individual) customers.

The acquisition is a further step in the international growth strategy of the Fideuram-ISPB Division. International markets already provide the Group with some €42 billion in assets under management, boosted by last year’s partnership with REYL & Cie in Switzerland.