Lugano-based BSI is to acquire a 51 per cent stake in French private bank Ifabanque for an undisclosed sum. The bank, which specialises ...

Lugano-based BSI is to acquire a 51 per cent stake in French private bank Ifabanque for an undisclosed sum.

The bank, which specialises in private banking and asset management for clients from the Middle East, is to be renamed BSI-Ifabanque.

BSI said in a statement: Ifabanque was established in 1979 as a joint venture between European institutional investors and private investors, and has a well established private banking business…with a particularly emphasis on the placing of top quality alternative funds (e.g. Haussmann and Permal hedge funds).

The acquired bank will be known as BSI Ifabanque had have 35 professional advisors; currently Ifabanque has around €1 billion ($1.2 billion) of assets under management.

Georges Zovighian, currently a senior vice president at BSI and area manager for the Middle East, will head the acquired bank, while Christoph Gruninger, the current managing director of Ifabanque, will become chairman.