KPMG has today announced that its Deal Advisory – M&A team acted as the exclusive financial advisor to Banco Popolare, an Italian bank, in the sale of its Luxembourg subsidiary to Banque Havilland, a Luxembourg bank.
Banco Popolare is a top 3 Italian retail bank that provides custodian, wealth management, fund administration and credit services through its Luxembourg arm.
Yves Courtois, Head of Deal Advisory and partner at KPMG said, "The success of this deal is the result of the two banks, their advisors, their in-house teams, and their lawyers being fully engaged in the deal process. Our strong track record - executing banking and other financial services M&A transactions that generate value for both the seller and the acquirer – also proved invaluable."
"The cross-border nature of the sale meant that close international cooperation was vital to the deal’s success. We collaborated closely with our colleagues at KPMG Deal Advisory – M&A Milan, led by Giuseppe Latorre, to provide practical insights and solutions throughout the deal process and ensure seamless execution. The hard-work and collaboration paid off with both banks set to benefit significantly."
“The deal is strategically important for both Banco Popolare and Banque Havilland. For the Italian bank, the Luxembourg sale is part of its transformation from a cross-border bank to one of the largest domestic retail banks in Italy and follows on from other recent sales in Eastern Europe. Banque Havilland is set to gain access to an Italian and international client base and acquire a custodian arm to complement its other services.”
Yves Courtois continued, "We are delighted with the result. Banco Popolare is one step closer to its goal of refocusing on its domestic market and Banque Havilland has made one more acquisition. It’s exciting to see how they will grow going forward." The deal is still subject to regulatory approval.