Intesa San Paolo closes the deal with Swiss private Banque Morval

Italy's largest retail bank Intesa Sanpaolo said on Wednesday it had reached an agreement to buy Switzerland's Banque Morval. "The agreement is in line with Intesa Sanpaolo's strategic plan to strengthen its presence on international markets in the field of private banking," the two said in a joint statement, without disclosing the value of the acquisition.

Earlier this month a source told Reuters the deal was worth between €150-200 million ($177-236 million).

For Morval, Intesa's scale, scope, and financial strength represent a welcome reprieve from the battering that smaller private banks have taken in recent years. 

The statement added that the Zanon di Valgiurata family, owners of the Swiss private bank, would remain a minority shareholder and that its members would continue to hold relevant managerial positions.

The acquisition is subject to a nod from Switzerland's financial regulator, Finma.