Italian banking giant Intesa Sanpaolo has entered into an agreement to acquire Morval Vonwiller Holding from Switzerland.
The acquisition, which is subject to securing all necessary regulatory authorisations, is expected to enable Intesa Sanpaolo to expand its global footprint.
As per Intesa Sanpaolo, the acquisition is in line with its plan to strengthen its presence across international private banking markets.
After the completion of the acquisition, Banque Morval is expected to be managed Intesa’s private banking unit Fideuram, Reuters reported early this month, citing a source with knowledge of the matter.
Morval's presence in Geneva will allow Intesa Sanpaolo's private banking division, currently present in Lugano, London and Luxembourg, to expand its geographic footprint.
After the completion of the transaction, Morval is expected to benefit from the scale, scope and financial strength of Intesa Sanpaolo.
Intesa Sanpaolo said: "This initiative will provide strong benefits to the customers and employees of the Group, offering the combined advantages of Banque Morval’s positioning as an international private banking boutique and Intesa Sanpaolo’s status as a leading European financial institution."
Though, the financial details were not disclosed, last month, Reuters reported that the deal could be worth anywhere between €150-200m.
Intesa Sanpaolo stated that the members of the Zanon di Valgiurata family, which founded Morval, will remain as minority shareholders and continue to be involved in managing the group's affairs.
In July, Intesa Sanpaolo’s corporate venture capital fund Neva Finventures acquired a stake in the UK-based fintech iwoca, which specializes in financing small and medium enterprises (SMEs).
Offering services to 12.3 million customers through a network of over 4,600 branches in Italy, the banking major is involved in retail, corporate and wealth management activities.
Image: Morval is expected to benefit from the scale, scope and financial strength of Intesa Sanpaolo. Photo: Courtesy of adamr/FreeDigitalPhotos.net.