Indosuez Wealth Management, the private banking unit of Credit Agricole, has agreed to acquire a 67.67% stake in Italian wealth manager Banca Leonardo.
The stake will be bought by CA Indosuez Wealth (Europe), a subsidiary of Indosuez Wealth Management, from Banca Leonardo shareholders GBH, Exor, Eurazeo, Swilux, and Torreal.
Go deeper with GlobalData
CA Indosuez Wealth (Europe) may ultimately also buy the entire 100% stake in the Italian firm.
The deal, whose financial terms were not disclosed, will add €5.9bn in assets and a client portfolio mainly consisting of HNWIs to Indosuez’s portfolio.
Credit Agricole said that the effect of the transaction on its CET1 ratio will be less than five basis points.
Indosuez CEO Paul de Leusse said: “The acquisition is in line with our Shaping Indosuez 2020 strategic plan, which includes selective acquisitions in our key domestic markets in Europe. The wealth management sector in Italy, which is expected to grow at a rate of four per cent per annum, offers great opportunities for growth and innovation and we look forward to working with our new colleagues from Banca Leonardo to enhance our positioning and expand our business in Italy.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe deal is expected to close in the first half of 2018, subject to regulatory approval.
