Indosuez Wealth Management enters into exclusive discussions to acquire the private banking activities of Credit Industriel et Commercial in Singapore and Hong Kong
Indosuez Wealth Management today announced that it has entered into exclusive discussions with Credit Industriel et Commercial “CIC” to acquire its private banking activities in Singapore and Hong Kong.
The acquisition would further enhance Indosuez Wealth Management’s footprint and position in Asia and would be in line with its strategic priorities to accelerate growth in key markets, as part of its “Shaping Indosuez 2020” corporate project, which is part of the Credit Agricole Group’s Medium-Term Plan.
Paul de Leusse, Indosuez Wealth Management, Chief Executive Officer, said: “We are very pleased to enter into exclusive discussions for the acquisition. The combination of these businesses would bring together two players with similar cultures and values. Together we would strengthen our geographical footprint and our commercial offering whilst maintaining the highest compliance standards. Our financial knowledge of Asia, our efficient logistic platform and the strength of a large group enable us to provide tailor made solutions to families and entrepreneurs whose needs are becoming increasingly sophisticated.”
Pierre Masclet, Indosuez Wealth Management Asia, Chief Executive Officer, commented: “This important step would be a new chapter for Indosuez’s Asia presence and demonstrates our clear commitment and ambition to accelerate our development in the region.”
The transaction is expected to be finalised by the end of the year and is subject to both regulatory approvals and to customary employee consultation procedures in France. Indosuez Wealth Management will work closely with CIC to ensure a smooth process for both the transaction and for the transition of both clients and employees.
This project would have a negative effect below 2 basis points on the fully loaded CET1 ratio of Credit Agricole S.A. and Credit Agricole Group.
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