Oddo BHF Group has entered into exclusive negotiations to acquire 100% of the capital of Paris-based Quilvest Banque Privee, which manages more than €2bn (£1.49bn, $1.77bn) in assets on behalf of 2,500 clients.
It is a subsidiary of Quilvest Wealth Management, an independent group which owns several private banks in Paris, Zurich, Luxembourg and has offices in Brussels, Ghent, Montevideo and Santiago de Chile.
If the merger is completed, pan European Oddo BHF Group intends to retain the business structure of Quilvest Banque Privee. Its management and staff will continue to serve their clients from its offices in Paris.
Oddo BHF Group said the deal will strength its position in the private banking market, where it “aims to grow significantly”.
Desires
Eric Libault, president of Quilvest Banque Privee, said: “This merger is a response to Quilvest Banque Privee’s desire to join forces with a family-owned financial group that represents one of the most successful companies on the Paris stock exchange and embodies a rare dynamism in the European landscape.
“This new step will enable us to enrich our product and service offering for the benefit of our clients, and thus to continue the growth dynamic we have been experiencing for several years.”
Grégoire Charbit, managing director of Oddo BHF, said: “We are very pleased to welcome the Quilvest Banque Privee teams to our group. Our ambition is to make Quilvest Banque Privee the first division capable of welcoming new banks or management companies, which would thus retain their autonomy while benefiting from our IT and back-office infrastructure, and our range of services and expertise.”
The financial terms of the proposed deal were not disclosed.
