MILAN, Aug 9 (Reuters) - Italian bank Intesa Sanpaolo is set to buy Swiss private bank Banque Morval, in a deal worth 150 million to 200 million euros ($176-235 million), a source with knowledge of the matter said on Wednesday.
After rescuing two regional banks, Italy’s biggest retail bank this month ruled out any mergers or acquisitions, with the exception of minor deals in wealth management.
Banque Morval, with offices in Geneva and Lugano and owned by the Zanon di Valgiurata family, manages 3.275 billion euros ($3.85 billion) of assets.
A deal to buy Morval could be reached shortly and the closing is expected by the end of the year, the source said.
Once acquired, Banque Morval would be managed by Intesa Sanpaolo’s private banking unit Fideuram, the source added.
No one at Banque Morval was immediately available for comment. ($1=0.8517 euros) (Reporting by Andrea Mandala; Writing by Giulia Segreti; Editing by Greg Mahlich)