A new financial institution with Swiss roots and a major Italian shareholder is looking to shake up private banking. In addition to Geneva and Zurich, the Lugano-Milan connection plays a central role.
While on the surface it seems complex, at its core it is about a bank in Switzerland wanting to write a compelling new chapter.
Reyl Intesa Sanpaolo, a merged financial institution, has just received its Swiss banking license from the Swiss Financial Market Supervisory Authority (Finma), as was announced Thursday.
First, Some History
In October 2020, finews.com reported exclusively that Italian financial group Intesa Sanpaolo acquired a 69 percent majority stake in Geneva-based Bank Reyl, with the rest remaining in the hands of Reyl's partners.
The actual acquisition was made through Fideuram-Intensa Sanpaolo, the private banking arm of the Intensa Group. The intention to establish a European hub for asset management in Switzerland has now been realized.
Great growth potential
«The new partnership will allow us to realize great growth potential and maintain our 360-degree business model and corporate culture,» said François Reyl, CEO and partner of Reyl Intesa Sanpaolo.
Over 25 billion francs in Customer Assets
Beginning this year, the merged Reyl Intesa Sanpaolo, Intesa Sanpaolo Private Bank (Switzerland) and subsidiary Morval (ISPBM) are operating as Reyl Intesa Sanpaolo.
The new institution employs around 400 people internationally and manages 25 billion Swiss francs in client assets. This does not include client assets managed by the family office and independent asset manager 1875 Finance, in which Reyl Intesa Sanpaolo recently acquired a 40 percent stake, as finews.com also reported.
The newly formed bank will be able to significantly expand its position in Ticino, namely Lugano, where Intesa Sanpaolo's private banking was already domiciled, as Reyl partner Nicolas Duchêne pointed out to finews.com.
Ticino Renaissance
The strengthened ties between Milan, where the Intesa Group's private banking operations are based, and Lugano comes at a time when the Ticino financial center is experiencing something of a renaissance. Bank BG Suisse, a subsidiary of the Italian insurance group Generali, is also waiting in the wings there. It plans to start operations this year after receiving its Finma license, as reported by finews.com.
The board of directors of Reyl Intesa Sanpaolo is composed of the following members: Christian Merle (chairman), Michel Broch (vice-chairman), Yves-Claude Aubert, Riccardo Barbarini, Tommaso Corcos, Liane Elias Hoffman, Lino Mainolfi and former Federal Councilor Ruth Metzler-Arnold. She already sat on the Board of Directors of Bank Reyl.
