Credit Agricole to Buy Italy's Banca Leonardo
07 Novembre 2017 - 7:57AM
Dow Jones News
By Nathan Allen
France's Credit Agricole SA (ACA.FR) on Tuesday said that it has
agreed to acquire wealth-management specialist Banca Leonardo SpA
(BLEO.YY) for an undisclosed sum.
Credit Agricole said its subsidiary Indosuez Wealth (Europe)
will initially acquire around 68% of the Italian bank from its
largest shareholders, and subsequently offer the same conditions to
smaller shareholders to ultimately take over 100% of the
company.
The takeover will add around 5.9 billion euros ($6.85 billion)
to Indosuez's existing assets under management, Credit Agricole
said. Banca Leonardo's portfolio mostly comprises high net-worth
individuals, it added.
The transaction is subject to approval from Italian antitrust
authorities and Credit Agricole expects the deal to close in the
first half of 2018.
Credit Agricole said the takeover's overall impact on the
group's CET1 ratio will be below five basis points.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 07, 2017 01:42 ET (06:42 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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