Geneva-based Indosuez Wealth Management and Crédit Industriel et Commercial have made headway in their deal negotiations over Hong Kong and Singapore activities.
Indosuez Wealth Management – or Indosuez – has detailed the terms to take over the private banking activities of France's Crédit Industriel et Commercial (CIC) in Singapore and Hong Kong. The two finance firms have inked an agreement setting the conditions, Indosuez said on Thursday.
Staff of CIC in Singapore and Hong Kong will be integrated into Indosuez, the two firms agreed. The deal will lift assets under management at Indosuez – which is Crédit Agricole's private banking subsidiary – to $14 billion.
Striking Distance
This puts the Genevan firm within striking distance of rivals like EFG International, J. Safra Sarasin or Lombard Odier, who all manage between $15 billion and $18 billion, as finews.com reported earlier this year.
The region's biggest wealth manager by far is UBS, with $300 billion.
The acquisition is a key milestone for Indosuez, which is undergoing a growth plan called «Shaping Indosuez 2020». The bank aims to strengthen strategically important markets like Asia under the plan.
The integration of CIC is expected to close by year-end.
