Italy’s Intesa Sanpaolo is purchasing a 69% stake in Swiss private bank REYL & Cie, the groups said in a joint statement on October 5, in a deal that will merge the Italian lender’s Swiss private banking subsidiary with REYL.

The transaction will create a Geneva-based private banking group with roughly 400 employees and 250 million Swiss francs ($272.7 million) in regulatory shareholders’ equity, managing more than 18 billion Swiss francs in assets, the groups said.

Terms of the deal, which is expected to be completed in the first half of 2021 pending regulatory approval, were not disclosed.

Reuters