Authorities Green Light Italian Bank Merger With REYL & Cie

Tom Burroughes

1 June 2021

Swiss and European regulators have cleared the previously-announced strategic tie-up between Milan-based .

Approval came from the European Central Bank and Swiss regulator FINMA, REYL & Cie said in a statement yesterday.

Fideuram – ISPB will merge its Swiss banking subsidiary Intesa Sanpaolo Private Bank (Suisse) Morval into REYL & Cie. The resulting Geneva-based entity will retain the REYL & Cie legal name and count close to 400 employees with assets under management of almost SFr25 billion ($27.8 billion) and regulatory shareholders' equity of about SFr210 million.

Fideuram - ISPB will control 69 per cent of REYL & Cie's capital, while partners François Reyl, Pasha Bakhtiar, Nicolas Duchêne, Thomas Fontaine, Christian Fringhian and Lorenzo Rocco di Torrepadula will collectively retain a 31 per cent stake.

Nicolas Duchêne, deputy CEO and partner of REYL, will also become the interim general manager of Intesa Sanpaolo Private Bank Suisse Morval until the companies' legal merger."

REYL & Cie has the following business lines: wealth management, entrepreneur and family office services, corporate advisory and structuring, asset services and asset management.

As at 31 March 2021, Fideuram – ISPB had 3,107 employees, 5,743 private bankers, AuM of SFr292.4 billion and net Inflows of over SFr1.9 billion from more than 800,000 clients. As at 31 December 2020, REYL managed more than SFr15.5 billion in client assets, and had more than 245 professionals.