By Pietro Lombardi

Italian bank Intesa Sanpaolo SpA (ISP.MI) has agreed to buy Swiss private bank Banque Morval SA, the two banks said Wednesday in a joint statement.

The companies didn't disclose the value of the acquisition. Banque Morval specializes in wealth management, and offers portfolio analysis and credit services.

"This agreement is in line with Intesa's strategy to strengthen its presence on international markets in the field of private banking business," the statement said.

Members of the Zanon di Valgiurata family, owners of the Swiss bank, will remain minority shareholders, the statement added, and will be involved in managing the bank.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

August 23, 2017 06:51 ET (10:51 GMT)

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