Italian bank Intesa Sanpaolo is set to close a deal to buy Geneva private bank, Banque Morval, for a sum of €150-200 million, according to the Italian news provider, Sole 24 Ore.
Following the acquisition, the management of the private bank will be handed over to Intesa’s wealth management subsidiary, Fideuram, sources told the news outlet. The deal is expected to be closed at the end of the year.
Banque Morval was founded in 1989 by the Zanon di Valgiurata family and offers wealth management solutions from offices in Geneva and Lugano.
When approached, Banque Morval declined to comment.
In June, the Italian bank signed a deal with the liquidators of Banca Polulare di Vicenza and Veneto Banco to acquire certain assets and liabilities of the two banks.
The upcoming acquisition is in line with Intesa’s growth plan as the bank looks to expand outside of Italy. Commenting on the strong half-year report, Fideuram managing director Paolo Molesini said that the structure is becoming too large for the Italian market alone.