Banque Internationale à Luxembourg SA (BIL) today reported the successful closing of the acquisition of KBL Switzerland following approval by relevant regulatory authorities.
The acquisition, announced at the beginning of 2015 and undertaken by BIL subsidiary Banque International à Luxembourg (Suisse) SA, forms part of the BIL2020 strategy of the bank. BIL has been focusing on specific target markets in a bid to provide relevant services, and has stated that the growth of the institution's private banking activities in Europe has necessitated a strong presence in Switzerland.
The acquisition of KBL Switzerland will contribute to BIL's existing business activities in the country, and the closing of the transaction will lead to the merger of KBL Switzerland and BIL Suisse, extending the latter's footprint to include Lugano. This merger has been planned for the end of 2015 and Thierry de Loriol has been selected to head the new company as CEO.
"I am delighted that we are now able to finalise this major milestone, which embodies the strengthening of BIL's business activities in Switzerland, where the bank has been present for more than 30 years," commented Hugues Delcourt, CEO of BIL. "This enhanced presence will enable us to improve our offering to clients, as well as to create a larger base from which to attract new international clients".
Photo by BIL Luxembourg
