Intesa Sanpaolo Private Banking has completed the acquisition of Swiss Banque Morval stepping up efforts to become one of the top five private banks in Europe.
Intesa Sanpaolo Private Bank Morval is the resulting name of the Swiss merger, a business that will be led by Christian Merle as chairman of the board of directors, and by Marco Longo, as chairman of the executive committee. Massimiliano Zanon, a member of the founding family of Morval Vonwiller Group, will also join the board.
Although talks on the merger started in August 2017, it has not been finalised until receiving regulatory approvals.
The new company, to which the London branch will also refer, will continue the global expansion started by Fideuram-Intesa Sanpaolo Private Banking, the firm said.
Last year in April, Intesa acquired Swiss group Morval Vonwiller, a move that gave the Italian bank access to Geneva thanks to the expertise of the Swill Group.
The transaction is in line with Intesa Sanpaolo's 2018-2021 Business Plan. The Italian bank seeks to become one of the top five private banks in Europe as it aims to achieve €55bn in assets under management by 2021.