CREDIT AGRICOLE SA : Indosuez Wealth Management enters into exclusive discussions to acquire the private banking activities ...
16 Juin 2017 - 6:00AM
Paris, June 16,
2017
PRESS RELEASE
Indosuez Wealth
Management enters into exclusive discussions to
acquire
the private banking activities of Credit
Industriel et Commercial
in Singapore and Hong Kong
Indosuez Wealth Management today
announced that it has entered into exclusive discussions with
Credit Industriel et Commercial "CIC" to acquire its private
banking activities in Singapore and Hong Kong.
The acquisition would further
enhance Indosuez Wealth Management's footprint and position in Asia
and would be in line with its strategic priorities to accelerate
growth in key markets, as part of its "Shaping Indosuez 2020"
corporate project, which is part of the Credit Agricole Group's
Medium-Term Plan.
Paul de Leusse, Indosuez Wealth
Management, Chief Executive Officer, said: "We are very pleased to
enter into exclusive discussions for the acquisition. The
combination of these businesses would bring together two players
with similar cultures and values. Together we would strengthen our
geographical footprint and our commercial offering whilst
maintaining the highest compliance standards. Our financial
knowledge of Asia, our efficient logistic platform and the strength
of a large group enable us to provide tailor made solutions to
families and entrepreneurs whose needs are becoming increasingly
sophisticated."
Pierre Masclet, Indosuez Wealth
Management Asia, Chief Executive Officer, commented: "This
important step would be a new chapter for Indosuez's Asia presence
and demonstrates our clear commitment and ambition to accelerate
our development in the region."
The transaction is expected to be
finalised by the end of the year and is subject to both regulatory
approvals and to customary employee consultation procedures in
France. Indosuez Wealth Management will work closely with CIC to
ensure a smooth process for both the transaction and for the
transition of both clients and employees.
This project would have a negative
effect below 2 basis points on the fully loaded CET1 ratio of
Credit Agricole S.A. and Credit Agricole Group.
For further
information, please contact:
Indosuez Wealth
Management Group
Julie de La Palme, Acting as Communication
Director
julie.delapalme@ca-indosuez.fr
+33 1 4075 6570
Melinda Raverdy, Media Relations
melinda.raverdy@ca-indosuez.ch
+41 58 321 9597
PR
agency
Teresa Wincrantz, FinElk
teresa.wincrantz@finelk.eu
+447595055877
About Indosuez
Wealth Management in Asia
Indosuez Wealth Management has a solid foundation in Asia as a
pioneering bank with more than a century old heritage, when Banque
de l'Indochine opened its historic offices in Hong Kong and
Singapore. From these two locations, branches of
CA Indosuez (Switzerland) SA, almost 220 highly specialised wealth
managers combine their knowledge of the region with the vast
opportunities provided by the global network of Indosuez Wealth
Management and the Credit Agricole group.
About Indosuez
Wealth Management group
Indosuez Wealth Management is the global wealth management brand of
Credit Agricole group, ranked 11th in the world based on Tier 1
capital (source: The Banker, July 2016). Shaped by 140 years of
experience helping families and entrepreneurs around the globe,
Indosuez Wealth Management offers a tailored approach that enables
clients to manage, protect and pass on their wealth according to
their specific needs. Its teams take a comprehensive view and
provide expert advice and exceptional service, offering a wide
range of services for the management of both personal and business
assets. Renowned for its international reach combined with a human
scale, Indosuez Wealth Management has 2,800 employees in 14
countries around the world, in Europe (France, Belgium, Spain,
Italy, Luxembourg, Monaco and Switzerland), Asia-Pacific (Hong
Kong, Singapore and New Caledonia), the Middle East (Abu Dhabi,
Dubai and Lebanon) and the Americas (Brazil, Uruguay and Miami).
With €110 billion in assets under management (as at 31/12/2016),
Indosuez Wealth Management group is one of the global leaders in
wealth management.
www.ca-indosuez.com
PR INDOSUEZ 1606 ENG
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: CREDIT AGRICOLE SA via Globenewswire
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