The Öhman Group (Öhman) has entered into an agreement to divest our Luxembourg subsidiary Öhman Bank S.A. (Öhman Bank) to Swiss independent financial group REYL & Cie Ltd (REYL). The transaction is expected to close during the first quarter of 2019, subject to the approval of the relevant regulatory bodies (CSSF and ECB).
Öhman Bank in Luxembourg was established in 2006 and granted it’s bank license in 2008. Öhman Bank offers private banking services to Nordic Clients. The bank is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
Öhman Group’s CEO Johan Malm: “The strategic rationale in selecting REYL as the new owner of our Luxembourg-based bank is our confidence in their ability to fully address the interests and needs of current and future clients. REYL’s innovative business model provides the requisite capacity to further develop the products, services and operations in Luxembourg. The agreement strengthens Öhman Group’s role as a driving force in restructuring Nordic asset management. It permits further enhancement of our focus and adds to our acquisition and expansion capital.”
Founded in 1973, REYL is headquartered in Geneva and licensed as a bank in Switzerland. REYL conducts business under the supervision of the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB). REYL has international offices in Luxembourg, Singapore, Zurich, Lugano, London, Malta, Dubai and Dallas. Developing an innovative approach to banking, the family-owned group serves a clientele of international entrepreneurs and institutional investors through its Wealth Management, Corporate & Family Governance, Corporate Advisory & Structuring, Asset Services and Asset Management business lines. As of 31 December 2017, REYL had assets under management of CHF 15.8 billion.
REYL’s CEO François Reyl: “Öhman Bank S.A. Luxembourg is a well-established private bank. In a period where access to the European Union is crucial, we are extremely pleased with this transaction, which reflects our desire to reinforce our presence in Luxembourg, where we will have our European hub and to diversify our clients’ base in a region well known for its pool of successful entrepreneurs and sophisticated and knowledgeable investors. Furthermore, this acquisition complements very well REYL both geographically and culturally, bringing also extensive knowledge of Nordics markets, which are key in our path to growth.”
Niklas Söderström of Öhman Bank supports the agreement: “In the past few years, we have had a positive view of the business potential of private banking in Luxembourg and have explored various ways to capitalise on that potential. In that time, it has become more clear that a more expansive private banking offering is necessary to appeal to demanding clients seeking international partners, and that wider distribution is required to reach them. Accordingly, we are very excited by this agreement. Our clients will benefit from REYL’s growing international network and access to their corporate and family governance services, as well as interesting possibilities in corporate finance and private equity.”
Niklas continues: “We are delighted to be a part of REYL’s progressive growth plans and are very proud that our Renaissance IT solution has captured their interest. Now we are very much looking forward to growing our profitable business with an owner that is strongly focused on our core business. That said, we are sad to leave the Öhman Group after many years of fruitful business and rewarding personal relationships.”