Concept
Fideuram – Intesa Sanpaolo Private Banking is the private banking division of the Intesa Sanpaolo group — number one in Italy and top three in the euro area. Type: a private bank inside a universal group; Fideuram has been delisted since 2007. The division combines five Italian networks of private bankers (~7,100 professionals), the Swiss bank Intesa Sanpaolo Wealth Management SA (the former REYL, 100% owned since January 2026), the Luxembourg entity and the digital bank Alpian. Tommaso Corcos leads the group's wealth divisions; the Fideuram CEO is Lino Mainolfi.
History and evolution
Fideuram was founded in 1968 to distribute Luxembourg funds in Italy; it left the stock exchange in 2007 inside Intesa Sanpaolo and has been the group's private-banking hub since 2015. Consolidation followed: Morval (2017), 69% of REYL (2021), CBP Quilvest in Luxembourg (2022), the Fideuram Direct digital line (2022), a majority stake in digital bank Alpian (2024), the buyout of REYL's remaining 24% in January 2026 and the renaming of the Swiss bank to Intesa Sanpaolo Wealth Management SA (2 September 2026).
Divisional client assets stand at €452.3bn at 30 June 2026, with 2025 net profit of €1.6bn at a 24% ROE; CET1 is 37%.
Regulation
- Banca d'Italia / Consob (within the ECB-supervised group) — the Italian networks;
- FINMA — Intesa Sanpaolo Wealth Management SA (Geneva, Zurich, Lugano) and Alpian;
- CSSF — Intesa Sanpaolo Wealth Management S.A. (Luxembourg; a Ghent branch);
- FCA — REYL & Co (UK) LLP (London); DFSA — REYL Finance (MEA), DIFC; CNV — Intesa Sanpaolo Private Argentina (Buenos Aires).
Source of funds and compliance
The EU and MiFID standard applies with the standard source-of-funds file. The supervisory backdrop sits in the Swiss unit's pre-full-control era: the French CRPC plea of April 2023 (€5.75m for 2009–2013 facts) and press reports of a FINMA AML review (April 2025; in December 2025 the Geneva prosecutor dismissed the bank's complaint against the journalists on public-interest grounds). No recent sanctions were identified for the Italian entities.
Who it serves
- Italy: per industry data, the Private segment from €500k of financial wealth, the Ego product lines from €250–500k, HNWI above €10m; the digital Fideuram Direct takes mass-market fortunes;
- non-residents — booking in Switzerland and Luxembourg (the stated "EU booking centre" role);
- entrepreneurs and families — the ISPB and REYL family offices plus a 40% stake in Geneva multi-family office 1875 Finance;
- clients needing a fiduciary: Siref Fiduciaria is Italy's number two (110,000 mandates).
Services
Wealth management
- advanced advisory (Consulenza Evoluta) and discretionary management (Fogli Fideuram, Omnia, Wealth Collection) via the in-house Investment Center (€145bn at March 2026);
- private markets: the FAI platform with Neuberger Berman and BlackRock, private-debt funds with iCapital/CVC.
Lending
- lombard loans and HNWI mortgages (added in the 2024 plan).
Fiduciary and family services
- Siref Fiduciaria; family offices; art advisory (over 10 years, with Eikonos Arte) and real-estate advisory;
- the Fideuram Direct digital channel, extended with BlackRock to Belgium and Luxembourg.
Entities and booking centres
| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
|---|---|---|---|
| Italy | Fideuram-ISPB, ISPB SpA, Siref Fiduciaria and others | Banca d'Italia/Consob, ECB | domestic market: five networks, ~7,100 bankers |
| Switzerland | Intesa Sanpaolo Wealth Management SA (formerly REYL) + Alpian | banks, FINMA | international booking (CHF 34bn) |
| Luxembourg | Intesa Sanpaolo Wealth Management S.A. | bank, CSSF; a Ghent branch | EU booking centre (over €10bn at launch) |
| UK / UAE | REYL & Co (UK) LLP / REYL Finance (MEA) | FCA / DFSA | advisory and funds |
| Argentina | Intesa Sanpaolo Private Argentina S.A. | CNV | local clients |
Strengths
- number one in Italy with five networks and an in-house Investment Center;
- Swiss booking plus a Luxembourg EU booking centre inside one division;
- rare fiduciary capacity (Siref) and a stake in the 1875 Finance multi-family office;
- the Fideuram Direct digital entry and the Alpian digital bank for the next generation of clients;
- a 24% ROE and 37% CET1.
Where it does not fit
- clients needing booking in Asia — no direct points (China holds only the Yi Tsai fund distributor);
- those sensitive to the Swiss unit's public backdrop (the case closed in 2023; the FINMA review per 2025 reporting);
- clients outside Europe without an Italian link — the model is European;
- portfolios centred on crypto assets.
Fideuram–Intesa is Italy's private-banking machine with two booking centres abroad and a strong fiduciary line; beyond Europe its presence is selective.
Q/A
Entry and geography
What minimum capital does Fideuram require?
There is no single published minimum. Per industry data: the Private segment from €500k of financial wealth, the Ego lines from €250–500k, HNWI above €10m; the digital Fideuram Direct accepts mass-market fortunes. For Switzerland the benchmark is ~CHF 500,000 (unofficial).
What became of the REYL bank?
It is fully in the group and renamed: Fideuram has owned 100% since 30 January 2026, and since 2 September 2026 the entity is called Intesa Sanpaolo Wealth Management SA. Legally it is the same FINMA-licensed Geneva bank; client booking is preserved (see the article on REYL).
What does the deposit guarantee cover?
Italy — FITD €100,000; Luxembourg — FGDL €100,000; Switzerland — esisuisse CHF 100,000 (including Alpian). Custody securities are segregated and returned to the owner in a bank failure.
Structure
Is Fideuram a listed company?
No: it was listed in Milan from 1992 and delisted in early 2007 after parent Eurizon Financial Group's offer amid the Banca Intesa–Sanpaolo IMI merger. Today it is a 100% Intesa Sanpaolo division.
Does the group have a joint venture in China?
There is no private-banking JV: in China the group holds the Yi Tsai fund distributor (Qingdao) — the first such licence for a foreign banking group (2019) — and Eurizon's stake in Penghua Fund Management. Private-banking clients are not directly affected.