The acquisition of Degroof Petercam is complete, and Indosuez Wealth Management, a division of Crédit Agricole, becomes the main shareholder along with its previous stakeholder CLdN Cobelfret.
After receiving the necessary permits from the banks and competition authorities, the deal enables the Degroof Petercam teams to collaborate with Indosuez Wealth Management.
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It increases Crédit Agricole’s footprint in Belgium and creates a great deal of synergy between its many business segments.
This acquisition is one of the most notable industrial deals in Europe during the past decade.
Indosuez Wealth Management, which has been serving its clients for over 150 years, is presently active in 16 countries, mostly in Europe, Asia Pacific, and the Middle East.
With €200bn ($217bn) in client assets, roughly €1.6bn in net banking income, and 4,500 staff, the new group will become a European specialist in wealth management.
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By GlobalDataMoreover, Indosuez Wealth Management’s clients will benefit from a more comprehensive value proposition that combines Degroof Petercam’s advisory services, investment advice, ESG offerings, and fund servicing capabilities with Indosuez Wealth Management’s services, which include structured products, private equity, real estate, financing, and access to Crédit Agricole Group’s international network.
Jacques Prost, chief executive officer of the Indosuez group stated: ‘This acquisition is a transformative and exciting project that reshapes our scope and establishes a European leader in wealth management. It enhances our value proposition with one of the most comprehensive offerings in the market for all our wealthy private clients and families, entrepreneurs, and professional investors. It allows us to generate significant synergies with the different activities of the Crédit Agricole Group. Now that this union has become a reality, all our teams across our regions will unite to pool our strengths, shape this new entity, and write a new chapter in our collective history.’
Hugo Lasat, chief executive officer of Degroof Petercam said: ‘Indosuez will leverage the strengths and the teams at Degroof Petercam and DPAM. We take pride in the progress we’ve made with the support of our historical shareholders and thanks to the commitment of our team for which I am grateful. This alliance opens up great prospects and opportunities for both clients and staff members.’
Christian Cigrang, chairman of the board of directors of CLdN Cobelfret added: ‘Founded in 1871 and 1875 respectively, Degroof Petercam and Indosuez share an exceptional historical heritage and contribute to economic prosperity in their respective markets. The integration of Degroof Petercam with Indosuez, a subsidiary of Crédit Agricole S.A., brings significant growth prospects offered by a global player, while maintaining its entrepreneurial identity and anchoring in the markets where it operates.’
