Indosuez, which also operates in Switzerland, plans to expand its position in wealth management by seeking to acquire a majority stake in a Belgian bank.
The French private bank Indosuez Wealth Management intends to acquire a majority stake in Degroof Petercam, an asset manager domiciled in Belgium. An agreement to this effect has been signed, Indosuez, which is part of the Crédit Agricole Group, announced in a media release on Friday.
The planned acquisition is in partnership with CLdN Group, Degroof Petercam's main shareholder, which will retain a 20 percent stake. This reflects a desire to maintain roots and presence in Belgium in line with the Crédit Agricole Group's partnership structure.
Pushing Ahead with Consolidation
Independent family group Degroof Petercam, whose origins go back more than 150 years, says it's a diversified bank with customer assets of 71 billion euros ($77.7 billion).
The firm is active in private banking in Belgium, Luxembourg, and France, and internationally in asset management, investment banking, and asset services.
European Ambitions
The merger of Degroof Petercam and Indosuez Wealth Management will create a leading European wealth manager that will benefit from global growth drivers and position itself as a consolidator of the sector in Europe, according to the statement.
