Kirchberg-based Banque Havilland is expanding its operations in Monaco by snagging a competitor. The private bank is buying out Banque Pasche Monaco, which today is majority owned by French bank CIC, as part of its plan to become a “leading player in the principality’s private banking sector.”

Banque Havilland--which already has an office in the principality, as well as in London--said in a press statement issued Tuesday that it “has acquired the entire client book from Banque Pasche which brings a geographically diversified client base from markets with high growth potential such as Latin America and Russia, as well as a strong representation of locally based clients.”

Banque Pasche was originally founded in 1884 and the Swiss-based private banking and family office group retains its locations in the Bahamas, Brazil, Dubai and Liechtenstein. On Tuesday its website said the firm: “intends to set up establishments in London and Singapore in the near future”.

Banque Havilland was founded in 2009 when the Rowland family took over the Luxembourg operations of failed Icelandic bank Kaupthing.

“We are very excited about this acquisition as it truly supports our strategy to build a private banking business which targets sophisticated international clients with complex investment and wealth structuring needs who are looking for discretion and exceptional service,” Banque Havilland CEO Jean-François Willems said in the firm’s press statement.

Deal will double headcount in principality

The deal is expected to close on November 30, Banque Havilland board member Venetia Lean told Delano. Banque Pasche Monaco employees will join the new undertaking, and the private bank will then employ 20 staff in the principality.

“It will more than double the number of staff we have in Monaco taking our global headcount over 70,” although no Luxembourg-based executives will relocate to Monaco.

The value of the transaction will not be disclosed, Lean said.