Credit Suisse Italy has sold its Italian affluent and upper affluent private banking operations to Banca Generali.
The transaction will entail the sale of the business line including the agency contracts of about 60 financial advisers of Credit Suisse Italy, accounting for a current total portfolio of over €2bn AUM.
Consideration for the sale will fall within a range of €47m to €50m and will be determined on the effective date of the transaction, planned for November 2014.
The transaction is subject to prior authorisation by the Bank of Italy, as well as to satisfaction of the additional contractually established conditions.
Banca Generali CEO, Piermario Motta (pictured), commented: “This deal is a further step forward in the extraordinary growth process on which we have embarked in Italy.
“I am proud to have the opportunity to welcome to Banca Generali a group of colleagues with a strong track record from a highly prestigious international company.”
Giorgio Riccucci, head of Private Banking Market Area Italy, Credit Suisse, stated: “This deal, along with the recent acquisition of Morgan Stanley’s private
banking operations in Italy, will allow us to actively pursue our project of focusing on HNWI and UHNWI clients.”