Italy's Fideuram takes over private bank Quilvest
Italian private bank Fideuram, owned by Intesa Sanpaolo, is taking over Luxembourg's Compagnie de Banque Privée Quilvest (CBPQ), the company said on Friday in a deal that will be completed next year.
After having gone through all regulatory hoops, Quilvest would be integrated into Fideuram's Luxembourg subsidiary to strengthen its servicing of Italian and foreign wealthy clients outside Luxembourg.
The company did not disclose financial detail of the transaction.
Quilvest, founded in 2007 in Luxembourg, manages around €7 billion, has around 150 employees and branches in Belgium. Fideuram, Italy's largest private bank, manages had around €270 billion assets under management globally, according to its website.
After the acquisition, Quilvest's assets under management are set to increase to €9 billion, the Italian bank said.
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