ZURICH, Oct 2 (Reuters) – Intesa Sanpaolo ISP.MI wants to buy Swiss wealth manager Reyl Bank, Finews.com reported on Friday, citing two unnamed sources.
Reyl and Intesa both declined to comment on the report.
Intesa, Italy’s largest bank, has been aiming to expand its wealth management operations and in 2017 bought Geneva-based wealth manager Banque Morval.
Family-owned Reyl was founded in 1973 and is run by Francois Reyl. This year it started Alpian SA, a private digital bank, and last year launched Asteria Investment Managers, an impact investing affiliate.
This year Intesa cemented its market lead in Italy by snapping up smaller rival UBI Banca in a surprise 4 billion euro ($4.7 billion) cash and stock takeover.
Societe Generale reinstated coverage of Intesa with a “hold” rating on Friday, saying it needed to expand in wealth management to counter domestic over-exposure.
($1 = 0.8530 euros)
(Reporting by John Miller; Editing by Valentina Za and Alexander Smith)
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