Indosuez Wealth Management has entered discussions with Credit Industriel et Commercial to buy its private banking activities in Singapore and Hong Kong – a deal that would lend support to Indosuez’ stated objective of growing in key markets as part of its ‘Shaping Indosuez 2020’ project.
The 2020 project in turn forms part of the broader Credit Agricole Group’s Medium-Term Plan.
Expected to be completed by the end of 2017, the deal is subject to both regulatory approvals and employee consultation procedures in France. When completed, it will have a negative effect on the CET1 ratio of Credit Agricole SA and Credit Agricole Group, the bank stated.
Paul de Leusse, CEO of Indosuez Wealth Management, said the deal would leverage benefits off the aggregated knowledge of Asia, and the backing of a large financial group to “provide tailor made solutions to families and entrepreneurs whose needs are becoming increasingly sophisticated.”
Pierre Masclet, CEO of Indosuez Wealth Management Asia, added that the deal “demonstrates our clear commitment and ambition to accelerate our development in the region.”