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French Broker Acquires Private Bank

Chris Owen

19 July 2007

Viel & Cie, the French broker, has agreed to acquire the banking, management and professional intermediation activities of Banque Privee Fideuram Wargny, the Paris-based private banking subsidiary of the Italian private bank Fideuram. Viel is to take a 40 per cent stake for an undisclosed sum. A Reuters report said the acquisition was part of its strategy to create private banking activities in France in partnership with Swiss Life France. The transaction is expected to close by the end of the summer. Viel deals primarily through its Tradition interdealer broking subsidiary and specialises in products such as interest-rate derivatives, futures, commodities, and money market activities. Banque Privee Fideuram Wargny employs around 200 staff, mainly in its Paris office.