The European provider of life assurance solutions for succession and wealth planning is enhancing its reach in the private banking space.

Lombard International Assurance is to acquire Zurich Eurolife's private banking solutions business in Luxembourg.

The deal, details of which were not disclosed, is expected to complete in the first quarter of this year. 

The acquisition, which is subject to regulatory approval, will boost Lombard's presence in Europe. It currently has offices in Luxembourg, Milan, Rome, Geneva, Lugano and Zurich. The global group, branded as Lombard International, has head offices in both Luxembourg and Philadelphia. 

“[This transaction] allows us to leverage our resources effectively to serve our target market by providing best-in-class, holistic wealth planning solutions for clients across the globe,” said John Hillman, executive chairman of Lombard International.

“The decision to sell our Private Banking Solutions Business in Luxembourg is in line with Zurich Insurance Group’s strategy to focus its investments on businesses and markets where it has a strong and competitive position. In Luxembourg, we continue to focus on corporate risk and savings solutions,” said Xavier Nevez, chief executive of Zurich Eurolife.

Lombard International, which has over $75 billion in global assets under administration, recently announced plans to open its first offices in Asia and appointed Tammy Lu Tsui as CEO of the region, .