Indosuez Wealth Management announced today that it has entered into exclusive negotiations with Crédit Industriel et Commercial (” CIC “) to acquire its private banking activities in Singapore and Hong Kong.
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This acquisition would enable Indosuez Wealth Management will strengthen its foothold in Asia and to accelerate its development in its key markets in the framework of the strategic priorities of its corporate project “Shaping Indosuez 2020” which are included in the medium-term plan of the Crédit Agricole Group.
Paul de Leusse, group managing Director of Indosuez Wealth Management, said : “We are delighted to enter into exclusive negotiations with a view to this acquisition. The association of these activities will bring two actors to the cultures and similar values. Together, we will strengthen our geographical footprint and our commercial offer, while maintaining the compliance standards of the most demanding. With our knowledge of the asian market, our platform performance and the strength of our group, we are able to offer tailor-made solutions to families and entrepreneurs whose expectations are becoming increasingly complex. ”
Pierre Masclet, Director-General of Indosuez Wealth Management Asia, commented : “This milestone opens a new chapter in the history of Indosuez Asia and reiterates the commitment to accelerate our development in the region. ”
The transaction is expected to be finalized by the end of the year and is subject to the approval of the competent authorities and to the usual procedures of consultation of staff representative bodies in France. Indosuez Wealth Management will work in close co-operation with the CIC to ensure the success of the transaction and the reception of clients as well as employees.
The negative impact of this project on the ratio of common equity tier 1 non-phase Credit Agricole sa and the Crédit Agricole Group should be less than 2 basis points.
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