August 23, 2017 / 9:35 AM / a year ago

Intesa Sanpaolo seals deal to buy Swiss private bank Banque Morval

MILAN (Reuters) - Italy’s largest retail bank Intesa Sanpaolo (ISP.MI) said on Wednesday it had reached an agreement to buy Switzerland’s Banque Morval.

FILE PHOTO: The Intesa Sanpaolo logo is seen outside the bank in downtown Milan, Italy January 18, 2016. REUTERS/Stefano Rellandini/File Photo

“The agreement is part of Intesa Sanapolo’s strategy to reinforce its presence on international markets in the private banking business,” a statement by the lender said, without disclosing the value of the acquisition.

Earlier this month a source told Reuters the deal was worth between 150-200 million euros ($177-236 million).

The statement added that the Zanon di Valgiurata family, owners of the Swiss private bank, would remain a minority shareholder and that its members would continue to hold relevant managerial positions.

($1 = 0.8487 euros)

Reporting by Giulia Segreti; editing by Agnieszka Flak

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