Italian bank Intesa Sanpaolo has announced the acquisition of Swiss group Morval Vonwiller, which also implies the acquisition of its private bank Banque Morval.
The transaction, for which financial terms were not yet disclosed, is in line with Intensa Sanpaolo’s strategy of expand its presence in the international private banking sector, the Italian bank said.
Intesa, already operating in Lugano, London and Luxembourg, will have presence in Geneva through the agreement.
Intesa Sanpaolo reported that members of the Zanon di Valgiurata family (which founded Morval Vonwiller) will remain as minority shareholders and those family members currently involved in the group’s management, will continue to do so.
The transaction is subject to regulatory approval.