Italian bank Intesa Sanpaolo has completed the acquisition of Swiss group Morval Vonwiller, which also implies the acquisition of its private bank Banque Morval.
Intesa, already operating in Lugano, London and Luxembourg, will have presence in Geneva through the agreement benefitting from the expertise of the Morval Vonwiller Group.
Four members of the Zanon di Valgiurata family (Morval Vonwiller founder family) remain as minority shareholders, maintaining their involvement in the group’s management decisions.
The transaction is a first step for Intensa Sanpaolo’s 2018-2021 Business Plan, which expects to become one of the top five private banks in Europe seeking to achieve €55bn in assets under management by 2021.
The acquisition of the Swiss group, to be included in the private banking division of Intesa Sanpaolo, had been announced in August 2017.