REYL & Cie Ltd (REYL) and family-owned Swedish financial group Öhman have entered into a binding agreement whereby REYL will acquire all of the outstanding capital of Öhman Bank S.A. Luxembourg, a bank established in Luxembourg since 2006. The transaction is subject to the approval of the relevant regulatory bodies and is expected to complete during the first quarter of 2019.
REYL has been present since 2009 in Luxembourg, where it operates through its subsidiaries REYL PRIVATE OFFICE (LUXEMBOURG) S.à r.l. and REYL PRIME SOLUTIONS S.A. active in corporate & family governance services. With this acquisition, REYL Group will increase its assets under management by approximatively EUR 800 million and will significantly broaden its Luxembourg and EU footprint. REYL plans to operate its Wealth Management, Corporate & Family Governance, Corporate Advisory & Structuring, Asset Services and Asset Management activities under the REYL & Cie (LUXEMBOURG) S.A. brand name.
REYL will take advantage of Öhman Bank S.A. Luxembourg’s longstanding presence and in-depth understanding of clients’ needs in the Nordic markets, with the objective of offering its new client base its full range of services using a transversal approach.
François Reyl, REYL’s Chief Executive Officer, states: “Öhman Bank S.A. Luxembourg is a well-established private bank with a management team of the highest quality. We are very pleased to be able to add to our presence in Luxembourg, allowing us to develop our European hub and to diversify our clients’ base in a region well known for its pool of successful entrepreneurs and sophisticated investors. 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.”