Swedish financial group Öhman is to sell its Luxembourg subsidiary Öhman Bank to Swiss bank Reyl.
The transaction is subject to the approval of the relevant regulatory bodies and is expected to complete during the first quarter of 2019.
Geneva-headquartered Reyl has operated in Luxembourg since 2009. The acquisition increases its assets under management by about €800m.
Öhman Group chief executive officer Johan Malm said: “The strategic rationale in selecting Reyl as the new owners of our Luxembourg banking affiliate lies in our confidence in Reyl’s ability to fully address existing and future clients’ interests and needs.
François Reyl, chief executive officer at Reyl, said: “This acquisition complements Reyl both geographically and culturally, bringing us new and extensive knowledge of Nordic markets, which we believe can become an interesting component of our future growth strategy.”
Reyl has banking operations in Luxembourg, Malta, Singapore, the UAE, UK and US and manages more than €14bn in assets.
In Sweden, the Öhman Group provides fund management and discretionary portfolio management to institutions, insurance companies and wealthy individuals.