Posted on Nov 18, 2021 at 6:30 a.m.
Oddo BHF always wants more. The Franco-German family bank entered into exclusive negotiations on Wednesday with Quilvest – the financial group based in Luxembourg and created in the 19th century.e century by the Bemberg family – with a view to acquiring its French subsidiary, Quilvest Banque Privée.
If the operation is finalized, Oddo BHF will own 100% of the small French private bank which manages 2 billion euros on behalf of 2,500 clients, explains Grégoire Charbit, manager at Oddo, in charge of the operation. These sums will be added to the 50 billion euros already managed by the group in France, Germany and Switzerland.
“We plan to continue our external development in the three markets where we are present,” explains the manager to Les Echos. The agility and specific management model of Quilvest will allow us to make it a platform to integrate other private banks or management companies with a similar model, while allowing it to develop thanks to the products and services of Oddo BHF. “
The expansion of Oddo BHF in Europe is in fact mainly through acquisitions or partnerships. Over the past twenty years, the group led by Philippe Oddo has acquired around twenty players, starting with the German bank BHF in 2016.
More recently, its asset management subsidiary took over the independent store Métropole Gestion in September. Just a year ago, Oddo BHF signed the takeover of one of the oldest Swiss private banks, Landolt & Cie. It also weaves its web in brokerage, through agreements with ABN Amro in the Benelux, BBVA in Spain and Commerzbank in Germany.
The integration of the new entity should be all the easier as Quilvest Banque Privée is one of the sixty players using Oddo BHF’s IT platform, explains Grégoire Charbit. The Franco-German group has invested a lot in its information system in recent years.
“We have just completed the development of a new ‘core banking system’ after four years of work,” explains Grégoire Charbit. We now have a single central IT system for France and Germany. This is a key element in accelerating the integration of new teams. “
Oddo BHF ensures that if the agreement is finalized, the management and the management model of Quilvest will be retained. “This merger responds to Quilvest Banque Privée’s wish to join forces with a family financial group which represents one of the greatest successes on the Paris market and embodies a rare dynamic in the European landscape”, declared a spokesperson. of Quilvest Banque Privée.