Part of BSI, the Lugano-based private banking group, has been purchased by Andorra-headquartered Andbanc, Cotizalia has reported, according to Citywire, the news service.

BSI has been acquired from Italian insurer Generali, and will be renamed using the Andbanc brand.

Andbanc declined to comment.

According to the news service, Andbanc is looking to expand its Spanish private banking operation and was attracted to BSI by its independent, open-architecture structure.