Indosuez Wealth Management, the private banking arm of France's second-largest bank Credit Agricole, said yesterday it has completed its acquisition of Credit Industriel et Commercial's (CIC) private banking business in Singapore and Hong Kong, having received approvals from the Singapore High Court and the Securities and Futures Commission of Hong Kong.
The acquisition, announced in July this year, brings Indosuez's total assets under management across the region to about €12 billion (S$19.2 billion). Its employee base in Asia is also raised, from 250 to more than 400 staff.
In addition to current product and services, the combined business will allow CIC clients to benefit from Indosuez's Hong Kong and global multi-booking centres, and its discretionary portfolio management, advisory mandates, private equity, wealth structuring and corporate solutions capabilities. Indosuez will also be adding a 24-hour execution platform to its offering.
Mr Pierre Masclet, CEO of Indosuez Wealth Management in Asia, said: "The acquisition... marks an important milestone for the bank, paving the way for growth momentum and opportunities in Asia."
The transaction will have limited impact on Credit Agricole's and Credit Agricole Group's Common Equity Tier 1 ratio, of less than 2 basis points, Indosuez said.