Indosuez Wealth Management, the private banking unit of French banking group Credit Agricole, has started exclusive negotiations to acquire Singapore and Hong Kong private banking operations of Credit Industriel et Commercial (CIC).
Indosuez said that the deal aligns with its plan to speed up growth in key markets as part of its “Shaping Indosuez 2020″ project.
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Indosuez CEO Paul de Leusse said: “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.”
The deal is expected to be sealed by the end of 2017, subject to regulatory approvals.
Indosuez expects the deal to have a negative effect below 2 basis points on the common equity tier 1 ratio of Credit Agricole S.A. and Credit Agricole Group.
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