Banca Fideuram, a subsidiary of the Italian banking group San Paulo IMI, has bought Wargny, the independent French brokerage and asset management firm, in a deal believed to be worth as much as €200m ($176m).

The deal is Fideuram's first step into the French market, and marks the beginning of its expansion in the rest of the eurozone. The firm is also planning to build up its private banking activities in Switzerland and Luxembourg.