# Fideuram–Intesa: Italy's private-banking machine with two booking centres > Fideuram – Intesa Sanpaolo Private Banking — Italy's number one with €452bn: banker networks, Swiss and Luxembourg booking, segment thresholds and FITD/FGDL/esisuisse protection. Last modified: 2026-10-19T00:00:00.000Z Canonical: https://wiki.private.law/en/fideuram-intesa-private-banking Publisher: wiki.private.law (https://wiki.private.law) Version: 6ca9848406854e40782f3e94388c5537f95bf66b7622556823386c3b9ef0abd8 Cite as: Fideuram–Intesa: Italy's private-banking machine with two booking centres. wiki.private.law. https://wiki.private.law/en/fideuram-intesa-private-banking. Version 6ca9848406854e40782f3e94388c5537f95bf66b7622556823386c3b9ef0abd8. Topics: banking Jurisdictions: italy, switzerland, luxembourg, uk, uae, argentina Functional tags: private-banking, tier-1-global Product tags: bank, wealth-planning, investment, custody, lombard-credit, trust, family-office Semantic tags: private-banking, tier-1-global, bank, wealth-planning, investment, custody, lombard-credit, trust, family-office --- ## 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](https://group.intesasanpaolo.com/en/investor-relations/press-releases/2024/10/20241031-ris-3q24-uk) (2024), the buyout of REYL's remaining 24% in January 2026 and the [renaming of the Swiss bank to Intesa Sanpaolo Wealth Management SA](https://group.intesasanpaolo.com/en/newsroom/all-news/news/2026/intesa-sanpaolo-wealth-management-suisse) (2 September 2026). Divisional client assets stand at [€452.3bn at 30 June 2026](https://fideuramintesasanpaoloprivatebanking.com/en/about-us/), with 2025 net profit of €1.6bn at a 24% ROE; CET1 is 37%. > 🍓 Deposit protection by entity: Italy (Fideuram, ISPB) — FITD €100,000; Luxembourg (ISWM, including the Belgian branch) — FGDL €100,000; Switzerland (ISWM and Alpian) — esisuisse CHF 100,000. Custody securities remain the client's property. ## 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](https://wiki.private.law/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. > 💡 Prepare the source-of-wealth file in advance: sale of a business, dividends, inheritance. The mechanics are covered in the guide on [documenting source of funds](https://wiki.private.law/source-of-funds). ## 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](https://wiki.private.law/lombard-lending) 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](https://wiki.private.law/reyl-cie)). ### 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. --- ## Similar articles - [British Atlantic Bank (NodaBank): Accounts, Deposits and Lending](https://wiki.private.law/en/nodabank) - [BNP Paribas Wealth Management: the Eurozone's private bank from Paris to Singapore](https://wiki.private.law/en/bnp-paribas-wealth-management) - [UniCredit Private Banking: the domestic trio Italy–Germany–Austria](https://wiki.private.law/en/unicredit-private-banking) - [Union Bancaire Privée: the Geneva family bank built through acquisitions](https://wiki.private.law/en/ubp-union-bancaire-privee) - [Edmond de Rothschild: the family-owned Geneva bank with a real-assets focus](https://wiki.private.law/en/edmond-de-rothschild) - [Indosuez Wealth Management: the consolidator from Crédit Agricole](https://wiki.private.law/en/indosuez-wealth-management) --- Source: wiki.private.law — the private.law legal knowledge base. When quoting, cite the canonical page URL. Consultation with a lawyer: https://t.me/private_law_bot