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Yesterday in Geneva and Lugano, bankers rushed to hear the news that Finews was the first to spread. Milan’s main bank, Intesa Sanpaolo, would buy the Geneva Reyl bank.
For the 300 people of Intesa in Switzerland, this is scary news. Because they are the big losers, not Reyl. There are 100 jobs at stake.
It is a reverse acquisition. According to one source, Intesa’s bloodbath takes place in Lugano and, to a lesser extent, in Geneva, where Intesa is based in Switzerland.
The deal was apparently orchestrated by McKinsey. According to the source, Avaloq should also lose.
Two years ago, the Zurich IT company won Intesa Sanpaolo Switzerland for its banking internship. Since then, the Intesa processes have gone through Avaloq.
According to Insider, Avaloq earned 10 million francs a year with Intesa Sanpaolo Switzerland. The new Intesa, who is with Reyl, opted for Finnova. Cost: another 3 million.
According to Le Temps, Italians are taking over nearly 70 percent of Reyl’s partners. These would remain on board, they would be in command of the merged private banking entity.
According to Finews, the objective of the Italians, who have a voice and vote with the majority of the shares, is to grow in Switzerland. With Reyl they take a leap in Geneva, in Lugano they wear the red pencil.
What’s new is Zurich, where Reyl is already present. According to Finews, the Intesa-Reyl merger will have more than 400 employees and 20 billion customer assets after decommissioning.
The director of Intesa Sanpaolo Switzerland, a technician by the name of Marco Longo, has to jump over the limit, says the insider.
Reyl’s partners in Geneva determine the operations of the new unit. First, according to the source, they close the fiscal ports of Intesa: Cayman Islands in the Caribbean and Monaco.
The alliance between Reyl and Intesa says a lot about the future of Swiss banking. The big foreigners are transforming, the small Swiss are selling.
It remains to be seen whether Reyl-Intesa will bring critical mass to the scale with 20 billion customer money. The new Italian-Swiss private bank could make more acquisitions.
