The acquisition strengthens Havilland’s position in Monaco, where the bank is looking to become a leading player in the tax haven’s private banking sector, it said in a statement yesterday.

The firm also said that it has acquired the entire client book from Banque Pasche which includes clients from markets with high growth potential such as Latin America and Russia, as well as a majority of locally based clients.

The acquisition will also see the personnel of Banque Pasche Monaco, 20 employees in total, transfer to Banque Havilland’s Monaco subsidiary.

"We are very excited about this acquisition as it truly supports our strategy to build a private banking business which targets sophisticated international clients with complex investment and wealth structuring needs who are looking for discretion and exceptional service," said chief executive Jean-François Willems.

Banque Havilland, which has offices in London, Luxembourg and Monaco, will complete the deal on 30 November 2013.