Oddo buys French private bank

French asset manager Oddo& Cie is to acquire Banque d’Orsay from German group WestLB.

The deal, which is expected to be approved by the regulatory authorities by the end of the year, will create a new entity with a staff of nearly 900.

The acquisition, which forms part of Oddo & Cie’s long-term growth strategy provides the family-owned firm with an extra €2.5 billion of assets under management and bolsters its existing product range with the addition of a further 40 funds.

‘The Oddo group has seized this opportunity for the following three reasons: to boost our presence in asset management and private banking, to acquire a range of high quality products that will complete our own offering and, finally, because there are clear cultural affinities between the two companies, facilitating the merging of teams within the new entity. Thanks to this acquisition, the Oddo group will be able to fulfil new ambitions at the service of its clients,’ said spokesman Philippe Oddo.

Guido Mundt, CEO of Banque d’Orsay added 'I am delighted at the prospect of collaborating with a new and stable shareholder that has a longstanding presence in France as this represents a growth opportunity for the group.'