Luxembourg-headquartered Banque Havilland, the firm that has made a number of expansion moves in recent years, has acquired a majority stake in the private banking business of Banque Pasche AG, Liechtenstein.

Luxembourg-headquartered Banque Havilland, the firm that has made a number of expansion moves in recent years, has acquired a majority stake in the private banking business of Banque Pasche AG, Liechtenstein. The stake was acquired from Banque Pasche(Geneva) SA.

The new subsidiary has been renamed Banque Havilland (Liechtenstein) AG and will remain in its current offices in Vaduz.

“This acquisition further reinforces the Banque Havilland Group’s offer for clients and supports our on-going strategy of building a private banking business for sophisticated international clients with complex investment and wealth structuring needs who are looking for discretion and exceptional service,” Jean-François Willems, chief executive, Banque Havilland, said in a statement.

In April this year, the firm and La Française Bank signed a partnership that saw La Française Bank transfer its Luxembourg private banking activity to Banque Havilland. That move followed the acquisition last year by Banque Havilland of the private banking business of Banque Pasche Monaco. The deal saw Banque Havilland take on Banque Pasche's entire client book, including clients from markets with high growth potential such as Latin America and Russia.

Banque Havilland’s London branch opened at the start of 2013, following on from the Monaco launch in early 2012. Launched in 2009, the bank is owned by the Rowland family, the patriarch of which is property tycoon David Rowland.

The family initially looked into applying for a bank licence in Switzerland but eventually took the option of acquiring the banking licence, infrastructure and assets of the former Kaupthing Bank Luxembourg.