A European private banking M&A deal has been completed.

Luxembourg-headquartered Banque Havilland has completed its acquisition of Switzerland’s Banque Pasche, part of the former firm’s strategy of entering the Alpine state’s market.

Switzerland is a “natural addition to the group’s portfolio of locations,” Banque Havilland, which was founded in 2009, said.

“Banque Havilland (Suisse) SA is headquartered in Geneva, with a branch in Zurich, has a total of approximately 40 employees and will enable a comprehensive provision of services to our varied international client profiles. Our commitment to establish a presence here reflects our global strategy to provide a platform offering full coverage of private banking products in the significant banking centres across the world,” Jean-François Willems, chief executive of Banque Havilland, said in a statement late last week.

The transaction has been approved by the relevant supervisory authorities. The financial transaction size was not disclosed.

Banque Havilland has offices in Luxembourg, London, Monaco, Liechtenstein, the Bahamas, Moscow and Dubai and employs 170 people. In March this year, the firm completed its acquisition of Banco Popolare Luxembourg after agreeing to buy 100 per cent of the latter bank's shares in August last year.

The deal comes amid continued merger and acquisition activity in the European wealth management industry. For example, Switzerland-listed EFG International has agreed to buy Lugano-headquartered BSI from its Brazilian owners, BTG Pactual; Liechtenstein’s VP Bank Group bought Centrum Bank last year; Royal Bank of Canada has sold its Swiss private banking unit to Banque SYZ.