Indosuez Wealth Management becomes majority shareholder of Degroof Petercam
Indosuez Wealth Management
A press release indicated that IWM, a subsidiary of Crédit Agricole S.A.had recently finalised the acquisition. Becoming the majority shareholder alongside CLdN Cobelfret, Degroof Petercam’s historical shareholder, the acquisition creates a European leader in wealth management.
Having obtained the required approvals from the relevant authorities, the transaction strengthens Crédit Agricole’s presence in Belgium. Significant synergies are expected given the two companies’ business lines.
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A European leader in wealth management is born
The group claims that the acquisition ranks amongst the most significant European industry transactions in the past 10 years. According to it’s press release, Indosuez Wealth Management, which has been in operation for over 150 years, will now have a presence in 16 mainly European territories, as well as in Asia Pacific and the Middle East. The new group’s 4,500 staff will manage around €200 billion in client assets, and nearly €1.6 billion euros net banking income.
“An enhanced value proposition and a continuum of services for high-net-worth clients and families, entrepreneurs, professional investors”
The “complementary expertise” of the two merging entities means Indosuez Wealth can offer clients an “enhanced value proposition”, with:
– Degroof Petercam’s advisory services to entrepreneurs, investment advice and fund offerings in particular Environmental, Social and Governance (ESG) ethical investment opportunities, and its fund servicing capabilities
– Indosuez Wealth Management’s extensive range of services, including structured products, private equity and real estate, as well as its financing capacity and international network.
“This value proposition and service continuum includes Advisory, Financing, Investment Solutions, Fund servicing, Technology and Banking Solutions as well as access to Crédit Agricole Group’s international network, expertise and financing capabilities. The enhanced ESG offering enables clients to meet their growing demand across all asset classes, management approaches (advisory, discretionary) and financing,” the statement reads.
The acquisition will provide the 4,500 staff with new development and career opportunities within the Crédit Agricole group, the world’s 10th largest bank with diverse expertise and a presence in over 46 countries worldwide.