Indosuez Wealth Management has closed a deal to buy Crédit Industriel et Commercial’s private banking operations in Singapore and Hong Kong.
The acquisition takes Indosuez up to a combined total of $14 billion in assets under management in Asia.
Ongoing negotiations were made exclusive as of 16 June 2017 and the deal remains conditional on regulatory approval but is expected to close by the end of the year.
The move is in line with Indosuez WM’s ‘Shaping Indosuez 2020’ project and Crédit Agricole’s medium-term plan ‘Strategic Ambition 2020’, which targets add-on acquisitions in wealth management.
Indosuez has had a longstanding presence of over a century in the region, as it first set up in Hong Kong in 1894 and Singapore in 1905.
Speaking of the acquisition, Paul de Leusse, CEO of Indosuez Wealth Management, said: ‘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.’