Swiss bank Reyl & Cie is buying Ohman Bank in Luxembourg, boosting its assets under management by EUR 800 million ($942 million).
The deal, subject to regulatory approvals, is expected to close in the first quarter of 2019.
Ohman Bank, is the international private banking arm of Swedish financial group Ohman.
Employing 29 people in Luxembourg, Ohman Bank offers high-net-worth clients asset management, order execution and wealth management services.
Reyl CEO François Reyl said the acquisition allows the group to develop its European hub, bringing new knowledge of Nordic markets, which he believes can become an interesting component of their future growth strategy.
The CHF 16 billion wealth manager plans to operate its wealth management, corporate and family governance, corporate advisory and structuring, asset services and asset management activities under the Reyl Luxembourg brand name.
It will take advantage of Ohman Bank’s in-depth understanding of clients’ needs in the Nordic markets, with the objective of offering its new client base a full range of services using a transversal approach.
Commenting on what the acquistion means for Reyl in Asia, Singapore CEO Antoine Denaiffe said: ‘Our Asian clients seeking to open private banking accounts in the Eurozone will soon be able to do so at Reyl Luxembourg.
‘Thanks to the strategic acquisition of Ohman Bank and in line with Reyl Group’s distinctive transversal approach, Reyl Luxembourg and Reyl Singapore will be able to bring to their clients each other’s extensive and on the ground knowledge of their respective markets,’ he told Citywire Asia.
Denaiffe was appointed chief executive in September, replacing Nicolas Duchene who has moved back to Reyl’s Geneva headquarters.
Based in the city-state since 2012, Denaiffe joined Reyl Singapore as deputy CEO last November.