Fortuna Banque, which was established in Luxembourg in 1920, while Chenavari opened a Luxembourg office in 2009.  According to a press release issued on Wednesday, the buyout will enable Chenavari to expand its financial activities in Luxembourg and Europe. “Fortuna Banque will retain its independence and will see its capital increase to develop its activities in financing real estate and wealth management. The bank’s management and staff will remain in place. Banque Fortuna said its team will expand to speed up the “organic growth of activities.”

Chenavari founder and president Loïc Féry wrote that Chenavari will bring additional financial means for Fortuna Banque to develop its current activities in new directions.