Reyl said it is acquiring a Luxembourg Bank with $934 million in assets. The move is an attempt by the Swiss private bank to expand in the key European market.
Geneva-based Reyl is acquiring Oehman Bank in Luxembourg, which is part of a Swedish family-owned financial services group, the bank said in a statement on Monday. Neither party disclosed the purchase price.
The move will add 800 million euros ($934 million) to Reyl's 16.3 billion Swiss francs ($16.9 billion) in assets as of mid-year. «This acquisition complements Reyl both geographically and culturally, bringing us new and extensive knowledge of Nordic markets, which we believe can become an interesting component of our future growth strategy» the bank's CEO François Reyl said.
Major Deal
Reyl plans to offer wealth management, family governance, corporate finance, and asset management under the Luxembourg bank. Oehman is one of the largest acquisitions that Reyl, founded in 1973 by François Reyl's father, Dominique Reyl, has made. The deal is set to close in the first quarter of next year.
The bank already has a Luxembourg office, but Oehman provides better access to Nordic markets, Reyl said. The move is the latest in a flurry of activity from the family-controlled firm: Last year, Reyl offloaded its asset management arm in order to pour money into digitization. It has also flexed its corporate finance ambitions by poaching from Goldman Sachs.
