Geneva bank acquires Luxembourg private bank
Geneva-headquartered private bank Reyl & Cie and and family-owned Swedish financial group Öhman have entered into a binding agreement whereby Reyl will acquire all of the outstanding capital of Öhman Bank S.A. Luxembourg.
The transaction is subject to the approval of the relevant regulatory bodies and is expected to complete during the first quarter of 2019.
Reyl has been present since 2009 in Luxembourg, where it operates through its subsidiaries Reyl Private Office (Luxembourg) and Reyl Prime Solutions active in corporate & family governance services. With this acquisition, Reyl Group will increase its assets under management by approximatively €800m and will significantly broaden its Luxembourg and EU footprint.
Reyl plans to operate its Wealth Management, Corporate & Family Governance, Corporate Advisory & Structuring, Asset Services and Asset Management activities under the Reyl & Cie (LUXEMBOURG) brand name.
The Swiss group will take advantage of Öhman Bank Luxembourg’s longstanding presence and in-depth understanding of clients’ needs in the Nordic markets, with the objective of offering its new client base its full range of services using a transversal approach.
The financial terms of the transaction are not disclosed. Deloitte served as financial advisor to Reyl & Cie Ltd in the transaction.