AsiaNet 85940

MILAN and GENEVA, October 5, 2020/PRNewswire=KYODO JBN/--

- Fideuram - ISP PB will acquire a 69% interest in REYL and contribute to REYL

its wholly-owned Swiss banking subsidiary Intesa Sanpaolo Private Bank (Suisse)

Morval

- Following the transaction, the combined bank will remain headquartered in

Geneva and will count close to 400 employees, AUM of over CHF 18 Bln and

regulatory shareholders' equity of about CHF 250 Mln

- Implementation of joint long-term strategic plan encompassing all REYL

business lines

Fideuram – Intesa Sanpaolo Private Banking (Fideuram - ISP PB), the private

bank division of the Intesa Sanpaolo Group and REYL & Cie SA (REYL), an

independent and diversified banking group headquartered in Geneva, announce

they have agreed on the terms of a strategic partnership by which Fideuram -

ISP PB will acquire a 69% interest in REYL and will contribute to REYL its

wholly-owned Swiss bank subsidiary Intesa Sanpaolo Private Bank (Suisse) Morval

(ISPBM).

Following the closing of the transaction – which is subject to customary

regulatory approvals and expected to be completed within the first half of 2021

– ISPBM will be merged into REYL, creating a sizeable international private

banking group headquartered in Geneva with close to 400 employees, AUM of over

CHF 18 Bln and regulatory shareholders' equity of about CHF 250 Mln. In

addition to Switzerland, the bank will be present in the EU, Latin America, the

Middle East and the Far East.

The partnership will enable Fideuram - ISP PB to strengthen its international

private banking activities, especially in promising growth areas and to

continue playing a leading role in the ongoing consolidation of the Swiss

financial sector. It also confirms the choice of Switzerland as the headquarter

of the international private banking activities of Fideuram - ISP PB and adds

significant scale to its existing presence in the country. With its distinctive

track record, leading domestic private banking footprint and overall financial

strength, Fideuram - ISP PB offers REYL a strong cultural fit and multiple

growth catalysts whilst safeguarding its entrepreneurial DNA and innovative

business model.

REYL will continue to drive its successful 360 ˚ organic growth strategy,

centered on delivering innovative solutions to its clients transversally across

its five business lines: Wealth Management, Entrepreneur & Family Office

Services, Corporate Advisory & Structuring, Asset Services and Asset

Management. Recent initiatives such as Asteria Investment Managers (Swiss

regulated fund management specialized in impact investing) and Alpian (new

Swiss digital bank for mass affluent clients), will be maintained and benefit

greatly from the strategic partnership.

Fideuram - ISP PB and REYL's management have jointly defined a long-term,

commonly-agreed strategic plan, that will provide a robust foundation on which

to build a leading business in the coming years. The transaction will bring

benefits, including a reinforced institutional framework and balance sheet,

cross-referrals across all business segments, seeding capital for new product

initiatives, placement, syndication and co-advisory opportunities, as well a

vastly expanded distribution network.

REYL's partners François Reyl, Pasha Bakhtiar, Nicolas Duchêne, Thomas

Fontaine, Christian Fringhian and Lorenzo Rocco di Torrepadula will retain

significant stakes in the Swiss-based bank and will remain committed to its

development and strategy for the long term as well as its day-to-day management.

"The strategic partnership with REYL," commented Tommaso Corcos, CEO of

Fideuram – Intesa Sanpaolo Private Banking, "confirms the Intesa Sanpaolo

Group's strategy, which has long been focused on building a Wealth Management &

Protection Company. It also fits within the broader process of strengthening

and repositioning of our Private Banking Division's foreign activities,

especially in Switzerland, the leading market for international activities.

Following the acquisition of the Morval Group in 2018, this transaction allows

us to focus more decisively on this growing sector, which is resilient to

crises and subject to an ongoing consolidation process."

"We are very excited," says François Reyl, CEO of REYL, "about this agreement,

which marks a new chapter in REYL's corporate history. Fideuram ISP-PB is the

ideal partner for REYL and we cannot be more pleased to have the opportunity to

build together a leading new international private banking player, operating

from Switzerland yet with global ambitions.  We look forward to building

lasting ties with our new colleagues and to tackling all future challenges and

opportunities working as a fully integrated team. We found in Fideuram – ISP PB

not only a strong strategic fit, but also a partner with an acute understanding

of the entrepreneurial world and highly compatible values that place human

considerations at the heart of all corporate initiatives. The combination of

nimbleness and scale driven by a shared entrepreneurial vision creates the

perfect conditions to achieve success in the current environment."

REYL were advised on this transaction by Deloitte SA and Schellenberg Wittmer

Ltd. Fideuram was advised by Studio Pedersoli, PwC Strategy&, CFM.

About Fideuram – ISP PB and ISPBM

Headquartered in Milan, Fideuram – Intesa Sanpaolo Private Banking is the no.1

Italian domestic private banking player and a key affiliate of Intesa Sanpaolo

Group, consolidating all of Group's private banking activities. As at 30 June

2020, Fideuram – ISP PB had 3,171 employees, 5,801 private bankers, AUM of CHF

259 Bln and Net Inflows of more than CHF 6.0 Bln entrusted by more than 793,000

clients. Founded by the Zanon Valgiurata family, headquartered in Geneva with

offices in Lugano, London, Monaco, Bahrain, the Cayman Islands, Buenos Aires

and Montevideo, ISPBM traces its foundation back to 1974 and was incorporated

into Fideuram in 2018. As at 31 December 2019, ISPBM managed assets of over CHF

5.1 Bln and employed 176 professionals.

About REYL

Founded in 1973, the REYL is an independent diversified banking group with

offices in Switzerland (Geneva, Zurich, Lugano), Europe (London, Luxembourg,

Malta) and the rest of the world (Singapore, Dubai). As at 30 June 2020, REYL

managed assets in excess of CHF 13 billion and employed more than 220

professionals. Developing an innovative approach to banking, REYL serves a

clientele of international entrepreneurs and institutional investors through

its Wealth Management, Entrepreneur & Family Office Services, Corporate

Advisory & Structuring, Asset Services and Asset Management business lines.

Photo - https://mma.prnewswire.com/media/1307209/Fideuram_Tommaso_Corcos.jpg  

Photo - https://mma.prnewswire.com/media/1307208/REYL_Francois_Reyl.jpg  

Logo - https://mma.prnewswire.com/media/1307207/Fideuram_Logo.jpg  

Logo - https://mma.prnewswire.com/media/1307210/REYL_Logo.jpg

SOURCE: Fideuram and REYL