Bank Sarasin & Co, the Swiss private banking group, has agreed to sell Sarasin Colombo Gestioni Patrimoniali, its Lugano-based subsidiary, back to the Colombo family. Terms of the sale were not disclosed.

Sarasin acquired Colombo Gestioni Patrimoniali in 2007 with the aim of strengthening its position in the Italian market. Recent market developments and regulatory changes in the Italian market have prompted Sarasin’s management to opt to pursue new business opportunities in the country, the bank said in a statement.

Sarasin and the Colombo family both wish to continue their cooperation in the coming years, the statement continued.

Sarasin was not available to elaborate on the nature of the new business operations it would be pursuing in Italy when contacted by WealthBriefing.