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INTESA SANPAOLO S.P.A.

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Intesa Sanpaolo S p A : Fideuram buys Luxembourg's CBPQ to expand private banking business

09/17/2021 | 07:47am EDT

MILAN (Reuters) - Intesa Sanpaolo's asset manager Fideuram has agreed to buy Compagnie de Banque Privée S.A. Quilvest (CBPQ) in a deal aimed at expanding the private banking business of Italy's biggest lender in Luxembourg and Belgium.

Fideuram said on Friday the transaction would create a combined entity with 9 billion euros ($10.60 billion) of assets under management in Luxembourg, which is the seven-biggest market for private banking in the world.

The deal follows an alliance Fideuram signed with investment advisory firm Reyl & Cie in Switzerland.

"The acquisition of Compagnie de Banque Privée Quilvest constitutes a unique opportunity for growth in a key European private banking environment and confirms the strategy initiated last year with the partnership with Reyl," Fideuram Chief Executive Tommaso Corcos said in a statement.

Fideuram plays an important role for Intesa, whose business model is geared towards fees earned through wealth management and insurance. This has helped Italy's biggest bank cope with the challenge that negative interest rates pose to banks' core lending activity.

Fideuram has been advised on the deal by Pedersoli on legal issues, PwC and MC Law and Winston&Strawn for due diligence, and PwC Strategy for strategy. JPMorgan, Clifford Chance and PwC Luxembourg supported Quilvest Wealth Management, CBPQ's owner.

($1 = 0.8490 euros)

(Reporting by Francesca Landini; editing by David Evans)


© Reuters 2021
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Financials
Sales 2021 20 616 M 23 886 M 23 886 M
Net income 2021 4 489 M 5 201 M 5 201 M
Net Debt 2021 - - -
P/E ratio 2021 10,8x
Yield 2021 8,38%
Capitalization 47 749 M 55 452 M 55 322 M
Capi. / Sales 2021 2,32x
Capi. / Sales 2022 2,29x
Nbr of Employees 99 112
Free-Float 95,3%
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Number of Analysts 25
Last Close Price 2,46 €
Average target price 2,78 €
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Carlo Messina Chief Executive Officer, MD & Director
Stefano del Punta Chief Financial Officer
Gian Maria Gros-Pietro Chairman
Massimo Proverbio Chief IT, Digital & Innovation Officer
Paola Angeletti Chief Operating Officer
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