Indosuez Wealth Management (WM), the global wealth management arm of the French bank Crédit Agricole, has signed an agreement to buy a majority stake in Italy’s Banca Leonardo, in a deal that will increase Indosuez WM’s assets under management by €5.9bn.
Indosuez WM said it had reached the deal with Banca Leonardo’s main shareholders – GBH S.p.A., Exor S.A., Eurazeo S.A., Swilux S.A., and Torreal S.A. – to acquire 67.67% of the Italian bank.
The wealth management company added it might end acquiring a full 100% stake in Banca Leonardo, and the current purchase is pending of approval and expected to be finalised during the first half of 2018.
The acquisition will enable Indosuez WM to enhance its existing wealth management capabilities and offering in the Italian market, and is in line with Crédit Agricole’s medium-term plan of expansion.
Indosuez WM’s Chief Executive Officer 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.”
Banca Leonardo’s chairman Gerardo Braggiotti commented: “I am confident that this deal will support Banca Leonardo in playing a leading role in the consolidation of the wealth management sector in Italy. This process will be beneficial for both our staff and our clients.”
Giampiero Maioli, Senior Country Officer for Crédit Agricole in Italy & CEO of Gruppo Bancario Crédit Agricole Italia added: “This transaction is another major milestone during a very eventful year for the Crédit Agricole group in Italy. With the acquisition of Pioneer by Amundi, the agreement to acquire CariCesena, CariRim and CR San Miniato, expected to be completed by the end of the year, as well as the further development in Italian Commercial Banking, Crédit Agricole Group has further demonstrated its commitment to Italy, its second largest market. This strengthening of our offering in wealth management will allow the Group to better serve high net worth individuals and further develop synergies between the different activities of the bank to the benefit of our customers, stakeholders and staff. It reinforces our already strong position in Italy and broadens the range of products and services offered to our 3.5 million clients.”