The recently established Banque Havilland has completed its acquisition of Dexia Private Bank Monaco from Dexia Banque Internationale à Luxembourg.
The acquisition is part of Banque Havilland’s strategy to develop an international private banking group aimed at ultra high net worth individuals.
Jonathan Rowland, director of Banque Havilland, said Monaco “is the perfect location for us to grow and drive our business forward. In Monaco we have direct access to the people who we feel will really appreciate what Banque Havilland has to offer.”
The new subsidiary will be renamed Banque Havilland (Monaco). Banque Havilland aims to develop the new subsidiary’s current business focusing on wealth management services for its target client base in Monaco and abroad.
Banque Havilland will spend the next few months integrating the Monaco entity into the Banque Havilland group with the aim of being fully operational by the end of the fourth quarter of 2011.
It offers traditional private banking services, investment management and wealth structuring. Clients can also co-invest with the family through direct collaboration on private equity ventures.
The bank has already undertaken a private equity venture, underwriting the minimum £3 million AIM capitalisation requirement for Jellybook, a newly incorporated investment company focusing on the social media sector.
Banque Havilland was established in 2009 when the Rowland family took over Kaupthing Luxembourg following the collapse of Icelandic bank Kaupthing.