Indosuez Wealth Management completes CIC private banking purchase

 
Source: 
The Business Times
Tuesday, 5 December, 2017

Indosuez Wealth Management, the private banking arm of France's second-largest bank Credit Agricole, has completed its acquisition of Credit Industriel et Commercial's (CIC) private banking business in Singapore and Hong Kong, having received approvals from the Singapore High Court and the Securities and Futures Commission of Hong Kong.

 

 

The acquisition, announced in July this year, brings Indosuez's total assets under management (AUM) across the region to about €12 billion (S$19.2 billion). Its employee base in Asia is also raised, from 250 to more than 400 staff.

 

In addition to current product and services, the combined business will allow CIC clients to benefit from Indosuez's Hong Kong and global multi-booking centres, and its discretionary portfolio management, advisory mandates, private equity, wealth structuring and corporate solutions capabilities. Indosuez will also be adding a 24-hour execution platform to its offering.

 

Paul de Leusse, CEO of Indosuez Wealth Management commented: “The successful completion of the CIC transaction confirms the significant progress we are making on Shaping Indosuez 2020, the bank’s corporate project. We are very pleased to welcome our new colleagues to the Indosuez family as we continue to expand in the high-growth Asian market.”

 

Pierre Masclet, CEO of Indosuez Wealth Management in Asia, said: “The acquisition of CIC’s operations in Hong Kong and Singapore marks an important milestone for the bank, paving the way for growth momentum and opportunities in Asia.”

 

The transaction will have limited impact on Credit Agricole's and Credit Agricole Group's Common Equity Tier 1 ratio, of less than 2 basis points, Indosuez said.

 

 

 

 

About Indosuez Wealth Management

 

Indosuez Wealth Management is the global wealth management brand of Crédit Agricole Group, ranked 13th in the world based on Tier 1 capital (source: The Banker, July 2017).With €112 billion in assets under management (as at 30/06/2017), Indosuez Wealth Management group is one of the global leaders in wealth management. For more than 140 years we have advised entrepreneurs and families around the globe, supporting them with expert financial advice and exceptional personal service. To this day we serve each and every client as an individual, helping them build, protect and pass on their wealth.

 

 

 

About CIC (Credit Industriel et Commercial)

 

CIC (Credit Industriel et Commercial) is a European financial institution, mainly active in France with a large retail banking system. CIC is owned by Credit Mutuel, also a large retail banking system. Asia Pacific operations of CIC are conducted mainly from Singapore as our regional base, with a full Wholesale Bank Branch, with the added resources of our newly-opened branch in Hong Kong and 10 Representative Offices across the APAC region. Our presence dates back to 1984, when the Singapore Branch was created.