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

Intesa Sanpaolo seals deal to buy Swiss private bank 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

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.

“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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