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Thursday, 13 July 2017

CREDIT AGRICOLE SA : Indosuez WM signs agreement for acquisition of CIC's private banking operations in Singapore and Hong Kong

CREDIT AGRICOLE SA    

Published: 08:00 CEST 13-07-2017 /GlobeNewswire /Source: CREDIT AGRICOLE SA / : ACA /ISIN: FR0000045072


Paris, July 13th, 2017

 

Indosuez Wealth Management signs agreement

for acquisition of Crédit Industriel et Commercial's
private banking operations in Singapore and Hong Kong

 

Indosuez Wealth Management today announced that it reached an agreement with Crédit Industriel et Commercial to acquire the latter's private banking operations in Singapore and Hong Kong after the parties entered exclusive negotiations on 16th June 2017.

 

As part of the transaction, Indosuez Wealth Management in Asia, chaired by Pierre Masclet, will welcome CIC's private banking teams in Singapore and Hong Kong, adding to the staff the group currently employs in Asia. After completion of the transaction, Indosuez will have AUM of 14 billion US dollars in Asia.

 

The acquisition is expected to close by the end of this year and remains subject to both regulatory approvals. Both parties are committed to ensuring a smooth transition for colleagues, clients and partners.

 

The transaction is fully in line with Crédit Agricole's Medium Term Plan "Strategic Ambition 2020", which included targeted add-on acquisitions in Wealth management. It will have a very limited impact on Crédit Agricole S.A.'s and Crédit Agricole Group's Common Equity Tier 1 ratio, of less than 2 basis points.

 

The acquisition marks an important step for Indosuez Wealth Management and its "Shaping Indosuez 2020" corporate project as it enhances the firm's global footprint by adding a well-respected business in a strategically important market. Asia is the fastest growing region in the world for wealth management with an expected 10% annual growth in the coming years. In 5 years, Asia's weight in global private banking AUM worldwide will be above Europe's and probably constitute the largest pool of wealth globally.

 

Paul de Leusse, Chief Executive Officer of Indosuez Wealth Management, commented: "We are delighted that we were able to reach an agreement with Crédit Industriel et Commercial to acquire its highly-rated private banking business in a market that is one of our core growth regions. On behalf of Indosuez I would like to welcome our new colleagues and I look forward to working closely with them to continue to deliver best-in-class services and meeting the highest compliance standards for the benefit of our clients."

 

Pierre Masclet, Chief Executive Officer of Indosuez Wealth Management Asia, added: "Indosuez has a long-standing presence in this market, having set up in Hong Kong in 1894 and in Singapore in 1905. The addition of CIC's private banking operations in these markets further cements our commitment for the future in the region."

 

 

For further information, please contact:

 

Indosuez Wealth Management Group

Julie de La Palme, Acting as Communication Director          julie.delapalme@ca-indosuez.fr                             +33 1 4075 6570

Melinda Raverdy, Media Relations                                        melinda.raverdy@ca-indosuez.ch                          +41 58 321 9597

 

PR agency, FinElk

Teresa Wincrantz, FinElk                                                      teresa.wincrantz@finelk.eu                                  +44 759 505 5877 

 

 

 

About Indosuez Wealth Management in Asia

Indosuez Wealth Management has a solid foundation in Asia as a pioneering bank with more than a century old heritage, when Banque de l'Indochine opened its historic offices in Hong Kong and Singapore. From these two locations, branches of
CA Indosuez (Switzerland) SA, almost 220 highly specialised wealth managers combine their knowledge of the region with the vast opportunities provided by the global network of Indosuez Wealth Management and the Crédit Agricole Group.

 

About Indosuez Wealth Management group

Indosuez Wealth Management is the global wealth management brand of Crédit Agricole Group, ranked 11th in the world based on Tier 1 capital (source: The Banker, July 2016). Shaped by 140 years of experience helping families and entrepreneurs around the globe, Indosuez Wealth Management offers a tailored approach that enables clients to manage, protect and pass on their wealth according to their specific needs. Its teams take a comprehensive view and provide expert advice and exceptional service, offering a wide range of services for the management of both personal and business assets. Renowned for its international reach combined with a human scale, Indosuez Wealth Management has 2,800 employees in 14 countries around the world, in Europe (France, Belgium, Spain, Italy, Luxembourg, Monaco and Switzerland), Asia-Pacific (Hong Kong, Singapore and New Caledonia), the Middle East (Abu Dhabi, Dubai and Lebanon) and the Americas (Brazil, Uruguay and Miami). With €110 billion in assets under management (as at 31/12/2016), Indosuez Wealth Management group is one of the global leaders in wealth management.

www.ca-indosuez.com      



PR Indosuez acquisition 13 07 2017



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: CREDIT AGRICOLE SA, 12 place des Etats-Unis, Montrouge FR-92120, France
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