Citco Corporate & Trust has reached an agreement to acquire Société Européenne de Banque’s (SEB) Corporate Management Services business. SEB plans to focus on its core banking activities.
SEB is the Luxembourg establishment of Intesa Sanpaolo Banking Group, Italy’s leading banking group and one of the top banking groups in Europe. Given its solid book of clients and SEB’s reputation of hiring and retaining quality staff, acquiring the Business is a significant and strategic move for Citco.
The Corporate Management Services portfolio consists predominantly of Luxembourg-domiciled entities comprising largely of corporate clients that are active across a whole spectrum of business activities. The 40-strong team of Corporate Management Services professionals will be fully integrated into Citco’s existing Luxembourg operations by the first quarter of 2014, bringing a wealth of local knowledge in the Italian market to the firm.
John Beers, Business Director C&T Eurasia at Citco Corporate & Trust, says: “This acquisition of business provides us with a real platform for growth. Although we already had a solid client-base in Italy, the SEB transaction gives Citco access to an even greater number of clients and a network of intermediaries with international operations, which will allow us to extend our whole service range to Italian corporate clients and beyond.
“Acquisitions are an integral part of our expansion strategy and we are always considering opportunities that will support the evolution of our business.”