By Pietro Lombardi

Intesa Sanpaolo SpA's private bank arm has reached an agreement to buy a 69% stake in Swiss-based bank REYL & Cie SA.

Under the agreement, Fideuram-Intesa Sanpaolo Private Banking will move the assets of its Swiss bank subsidiary Intesa Sanpaolo Private Bank (Suisse) Morval to REYL, creating a private banking group with almost 400 employees and assets under management of more than 18 billion Swiss francs ($19.55 billion), the Italian bank said Monday.

The deal, the financial details of which weren't disclosed, should be completed in the first half of next year, subject to regulatory approvals.

Francois Reyl, Pasha Bakhtiar, Nicolas Duchene, Thomas Fontaine, Christian Fringhian and Lorenzo Rocco di Torrepadula, REYL's partners, will keep a significant stake in the bank.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

October 05, 2020 07:36 ET (11:36 GMT)

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