French wealth manager Indosuez completes purchase of CIC's private banking business in Singapore, Hong Kong

A customer uses an ATM machine at a bank branch of French bank Credit Industriel et Commercial (CIC) in Nantes, France.
A customer uses an ATM machine at a bank branch of French bank Credit Industriel et Commercial (CIC) in Nantes, France.PHOTO: REUTERS

SINGAPORE - Indosuez Wealth Management, the private banking arm of France's second-largest bank Credit Agricole, said on Monday (Dec 4) 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, which was announced in July 2017, brings Indosuez's total assets under management (AUM) across the region to approximately 12 billion euros (S$19.2 billion). Its current employee base in Asia also increases from 250 to more than 400 staff.

In addition to current product and services, the combined business will allow CIC clients to benefit from both Indosuez's Hong Kong and global multi-booking centres as well as discretionary portfolio management, advisory mandates, private equity, wealth structuring and corporate solutions capabilities. With the acquisition of CIC, Indosuez will also add a 24-hour execution platform to its offering.

Pierre Masclet, chief executive of Indosuez Wealth Management in Asia, said, "The acquisition of CIC's operations in Hong Kong and Singapore marks an important milestone for the bank, paving the way for growth momentum and opportunities in Asia."

The transaction will have a very limited impact on Credit Agricole's and Credit Agricole Group's Common Equity Tier 1 ratio, of less than 2 basis points, Indosuez added.