Fideuram Bank Luxembourg acquires compagnie de Banque priveé Quilvest
20 SEPT, 2021
By Constanza Ramos
On Friday 17th of September, Fideuram - Intesa Sanpaolo Private Banking (Fideuram - ISPB), through its Luxembourg subsidiary Fideuram Bank Luxembourg, has signed an agreement for the acquisition of 100% of Compagnie de Banque Privée Quilvest S.A. (CBPQ), a Luxembourg private bank with branches in Belgium, with about 150 employees, owned by the holding company Quilvest Wealth Management.
The acquisition of CBPQ will result in the creation of an additional hub within the European Union
alongside Reyl & Cie in Switzerland, catering for both international and European clients and will allow to develop international private banking activities in promising growth areas, notably in Luxembourg and Belgium. Luxembourg is currently the 1st cross border center in the Eurozone and 7th in the world (AUM: 466 billion euros), 1st fund administration center in Europe and 2nd in the world (AUA: 4.2 trillion euros), with a positive track-record of growth in assets1.
With its distinctive track record as leading domestic private bank in Italy and overall financial strength, Fideuram - ISPB offers CBPQ a strong cultural fit and multiple growth catalysts.
The transaction – subject to customary regulatory approvals – is expected to be completed by the first half of 2022. After completion, CBPQ will be integrated into Fideuram Bank Luxembourg to increase its support to Italian and foreign High Net Worth Individual customers also out of Luxembourg, benefiting from the arrival of a management team with solid skills in offering private banking services to international clients.
Following the closing, CBP (Compagnie de Banque Privée) will remain in the corporate denomination.
Fideuram - ISPB was assisted by Pedersoli for legal assistance, PwC, CM Law and Winston & Strawn for the due diligence and PwC Strategy& for strategic consultancy.
Quilvest Wealth Management was assisted by JP Morgan as financial advisor and Clifford Chance for legal advice. PwC Luxembourg provided vendor due diligence services.
