CBP Quilvest to operate under the name of Intesa Sanpaolo Wealth Management (Photo: Shutterstock)

CBP Quilvest to operate under the name of Intesa Sanpaolo Wealth Management (Photo: Shutterstock)

The European Central Bank, finance sector watchdog CSSF and Commissariat aux Assurances have approved the acquisition of Quilvest by Fideuram Bank Luxembourg. 

The acquisition of CBP Quilvest (CBPQ) by Fideuram Bank Luxembourg was announced in September 2021. The leading Italian private bank acquired the entire capital of the bank founded in 2006 by and .

The founders justified this takeover by the search for a shareholder capable of accompanying the growth of a bank which, faced with regulatory pressure and the low interest rate environment, was struggling to reach critical size.

With the green light from the supervisory authorities, Fideuram Bank Luxembourg holds 100% of the capital of the Compagnie de Banque Privée Quilvest (CBPQ).

Place for Intesa Sanpaolo Wealth Management

From an operational point of view, Fideuram Bank Luxembourg--a subsidiary of Fideuram Intesa Sanpaolo Private Banking (FISBP)--which legally acquired CBP Quilvest, will merge with the latter, "thus strengthening its position on the Luxembourg private banking market", reads a press release. As announced last September, Marc Hoffmann will remain CEO of the new company, which will be called Intesa Sanpaolo Wealth Management.

"The transaction will enable the combined entity to strengthen its support for Italian and foreign High Net Worth Individuals (HNWI) clients, in addition to Luxembourg clients, with the addition of a management team with strong skills in providing private banking services to international clients. CBPQ, with around 140 employees, serves a strong base of European and non-European HNWI clients, and has approximately €8bn of assets under management (including loans)," Fideuram continued.

For the Italian bank, this acquisition "will create an additional pole in the European Union, alongside Reyl & Cie in Switzerland, dedicated to international and European clients, and will allow FISPB to develop international private banking activities in promising growth areas, particularly in Luxembourg and Belgium".

Based in Milan, FISPB is the leading private bank in Italy and a key subsidiary of the Intesa Sanpaolo Group, which controls all of the Group's private banking activities. As of 31 March 2022, FISPB had 6,575 private bankers, assets under management of €332.1bn and net deposits of over €3.9bn.

This story was first published in French on . It has been translated and edited for Delano.