Swiss financial group REYL & Cie has agreed to acquire Öhman Bank, the Luxembourg subsidiary of Swedish investment and banking group Öhman Group, for an undisclosed price.
Founded in 2006, Öhman Bank provides private banking services to Nordic Clients.
The bank, which secured its license in 2008, is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
Its acquisition is expected to help REYL increase its assets under management by nearly €800m while significantly expanding its presence in Luxembourg and the European Union (EU).
REYL CEO François Reyl said: “In a period where access to the European Union is crucial, we are extremely pleased with this transaction, which reflects our desire to reinforce our presence in Luxembourg, where we will have our European hub and to diversify our clients’ base in a region well known for its pool of successful entrepreneurs and sophisticated and knowledgeable investors.
“Furthermore, this acquisition complements very well REYL both geographically and culturally, bringing also extensive knowledge of Nordics markets, which are key in our path to growth.”
REYL has been operating in Luxembourg since 2009 through its subsidiaries REYL Private Office (Luxembourg) and REYL Prime Solutions, which are engaged in providing corporate and family governance services.
The Swiss financial group said that it will leverage on Öhman Bank’s footprint and in-depth understanding of clients’ requirements in the Nordic markets. Through these, REYL aims to provide its new client base a complete range of its services using a transversal approach.
Öhman Group CEO Johan Malm said: “The strategic rationale in selecting REYL as the new owners of our Luxembourg-based bank is our confidence in their ability to fully address the interests and needs of current and future clients.
“REYL’s innovative business model provides the requisite capacity to further develop the products, services and operations in Luxembourg. The agreement strengthens Öhman Group’s role as a driving force in restructuring Nordic asset management. It allows us further enhancement of our focus and adds to our acquisition and expansion capital.”
The acquisition is expected to be completed during the first quarter of 2019, subject to relevant approvals.