Italy's Banca Intermobiliare completed the sale of Swiss unit Banca Intermobiliare di Investimenti e Gestioni (Suisse) SA to local lender Banca Zarattini & Co. SA on Oct. 18, having received the required approvals from Switzerland's market regulator.

The sale price of CHF40.4 million is subject to adjustments depending on the unit's operating results between June 30 and Oct. 18, as well as the size of its assets under management during that period. The final sale price is expected to be known within 15 working days and is set to be 2% lower than CHF40.4 million, according to Banca Zarattini's Oct. 18 statement.

Banca Intermobiliare's common equity Tier 1 ratio is expected to rise by 47 basis points as a result of the transaction.

The Italian lender and Banca Zarattini are also launching a strategic partnership through which the former's clients can access the latter's banking services.

Rothschild Global Advisory acted as Banca Intermobiliare's financial adviser during the transaction, while Studio Orrick acted as legal counsel. Banca Zarattini was assisted by financial advisers Studio Associato Renne & Partners (Varese e Milano) and received legal advice from BMA Brunoni Mottis & Associati (Lugano).