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François Reyl, CEO of Reyl Bank, which is buying Öhman Bank in Luxembourg. Photo credit: Reyl Group 

Reyl has been active in Luxembourg since 2009, providing corporate and family office services, the company said in a press release on 20 September. Picking up Öhman Bank will add asset management and fund services, along with a Nordic client base.

Öhman Bank had 29 employees and €768m in assets under management in 2017, according to its parent’s website.

Geneva-based Reyl has banking operations in Luxembourg, Malta, Singapore, the UAE, UK and US. It reported managing more than than SFr16bn in assets and employing more than 200 staff.

In its announcement, François Reyl, Reyl’s CEO stated:

“Öhman Bank S.A. Luxembourg is a well-established private bank with a management team of the highest quality. We are very pleased to be able to add to our presence in Luxembourg,  allowing us to develop our European hub and to diversify our clients’ base in a region well known for its pool of successful entrepreneurs and sophisticated investors. This acquisition complements REYL both geographically and culturally, bringing us new and extensive knowledge of Nordic markets, which we believe can become an interesting component of our future growth strategy.”

Stockholm-based Öhman, a banking and fund group, said it manages 90bn Swedish krona, plus has a “core stake” in Nordnet, a digital bank operating in Nordic markets.

Reyl said it would not disclose the terms of the acquisition.

The deal is subject to approval by Luxembourg’s financial regulator, the CSSF. Reyl said the transaction is expected to close “during the first quarter of 2019”.