Indosuez Wealth Management has signed an agreement to acquire the private banking operations in Asia of fellow French bank Crédit Industriel et Commercial (CIC). It was previously reported the firms were in discussion.
After completion of the deal, Indosuez will have assets under management of $14 billion in Asia. CIC’s private banking teams in Singapore and Hong Kong will be integrated in due course. Overall, Indosuez globally has $110 billion of AUM.
The transaction is in line with parent bank Crédit Agricole’s Medium Term Plan “Strategic Ambitions 2020”, which included targeted add-on acquisitions in wealth management.
The acquisition marks “an important step” for Indosuez Wealth Management as it enhances the firm’s global footprint by adding a well-respected business in a strategically important market, the bank noted.
“Asia is the fastest growing region in the world for wealth management with an expected 10 percent annual growth in the coming years. In five years, Asia’s weight in global private banking AUM worldwide will be above Europe’s and probably constitute the largest pool of wealth globally,” it added.
Financial details of the acquisition were not disclosed.