The latest Swiss private banking deal has been struck: Intesa Sanpaolo is buying a Geneva-based wealth manager.
Just three weeks ago, finews.com wrote that Banque Morval was looking to a deal to get it out of its current conundrum. On Wednesday, one of Italy's largest banks swooped in to buy the Genevan wealth manager.
Neither party disclosed the purchase price, which equals petty change for Intesa and a lifeline for Morval. News agency «Reuters» last month quoted a source saying the deal was worth between 150-200 million euros.
Founders Remain
Morval's founders and current owners, the Zanon di Valgiurata family, will remain minority shareholders and continue to be involved in management.
«The agreement is in line with Intesa Sanpaolo's strategic plan to strengthen its presence on international markets in the field of private banking,» the two said in a joint statement.
For Morval, Intesa's scale, scope, and financial strength represent a welcome reprieve from the battering that smaller private banks have taken in recent years.
Lugano vs Geneva
The deal will be more complex for Intesa than appears at first glance: until now, the Italian bank has used Lugano as its Swiss hub, while Morval is based in Geneva. Intesa equates to an upstart in private banking: the Italian bank is only present in London, Luxembourg and Lugano thus far.
The acquisition is subject to a nod from Switzerland's financial regulator, Finma.
