Born in Luxembourg Intesa Sanpaolo Wealth Management. The bank led by Carlo Messina communicates this in a note, explaining that following the approval of the ECB, Fideuram – Intesa Sanpaolo Private Banking has formalized the deed of merger by incorporation of Fideuram Bank Luxembourg and CBPQ, thus launching the operations of Intesa Sanpaolo Wealth Management. The new denomination has been active since 1 January 2023.
The details of the operation
The path that led to the birth of Intesa Sanpaolo Wealth Management began in 2022 with the signing of the agreement for the acquisition of 100% of CBPQ through the Luxembourg subsidiary Fideuram Bank Luxembourg.
“The transaction allows Intesa Sanpaolo's Private Banking division to expand its support to High Net Worth Individual customers Italian and foreign, offering the possibility of an additional booking center within the European Union", explains the bank in a note, underlining that "Intesa Sanpaolo Wealth Management represents a new hub for the division which, in addition to Reyl Intesa Sanpaolo in Switzerland , will allow to develop international private banking activity in areas with promising growth prospects, such as Luxembourg and Belgium”.
The new Luxembourg bank will benefit from an Italian and foreign management team and will be led by CEO Marc Hoffmann. It also has 200 employees and serves a base of approximately 3.700 European and non-European HNWI clients, managing over 10 billion euro of assets under management.
As early as the second half of 2022, important synergies were activated between the Luxembourg hub and the Italian networks of the Private Banking division in order to guarantee total coverage of the most complex needs of both institutional and private customers, also in relation to the opportunities linked to international family business, Intesa said.
For this operation, Fideuram – Intesa Sanpaolo Private Banking made use of the advice of PwC and CM Law.
