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Report: Intesa Sanpaolo set to acquire Swiss private bank

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Report: Intesa Sanpaolo set to acquire Swiss private bank

Intesa Sanpaolo SpA is set to acquire Swiss private bank Banque Morval SA in a deal that could be worth €150 million to €200 million, Reuters reported Aug. 9, citing a "source with knowledge of the matter."

The deal could be reached shortly, with the transaction expected to close by the end of the year, the source said, adding that Intesa private banking unit Fideuram SpA would manage Morval following the acquisition.

Banque Morval, which is wholly owned by Morval Vonwiller Holding SA, has about €3.28 billion in AUM, Reuters noted.