thewealthnet     About Us    |    FAQs    |    Contact Us
 
  Search
 
     
  Advanced Search       RSS Feed  twitter  linkedin 
Welcome to thewealthnet    |   Europe, Middle East & Africa Get The App   |   Login
  Wed 18th Oct 2017  |    Make this my homepage  
Subscribe now!
Credit Cards Accepted
World Map
    
Indosuez Wealth inks acquisition to become $14 billion Asia wealth player
13/07/2017 , News Team

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.

Share with Linkedin Share with Twitter
 RATE THIS ARTICLE
Poor   Average   Good   Excellent
thewealthnet archives contain 47,657 articles dating back to 1997,making it the largest single source of information on the wealth management industry world-wide. To search for more articles, please click here.

 

© This article originally featured on thewealthnet. It is protected by international copyright law. If you copy this article illegally, you will be liable to prosecution. All rights in and relating to this article are expressly reserved. No part of this article may be reproduced, stored in a retrieval system or transmitted in any form or by any means without written permission from the publishers.

 
    Latest Headlines:    by Topic | All News
 
  Advertise   |   Contribute   |   Press Release   |   Terms of Use   |   Privacy   |   Contact Us Copyright Pam Insight Ltd., All Rights Reserved