PARIS, FRANCE: Indosuez Wealth Management, a subsidiary of the Crédit Agricole group, has announced an agreement with a view to acquiring a majority stake in Bank Degroof Petercam, a leading Belgian bank and investment house, and a long-term partnership with CLdN, one of its core shareholders.

The deal, which is subject to relevant regulatory approvals, is expected to be completed in 2024 and will create a pan-European leader in wealth management with a broader value proposition for clients.

Indosuez Wealth Management is a global wealth management specialist that offers a range of tailor-made solutions to high net worth individuals, families, entrepreneurs and institutions. It has assets under management of 138 billion euros and operates in 14 countries.

Bank Degroof Petercam is an independent family group with more than 150 years of history. It offers private banking, asset management, investment banking and asset services to clients in Belgium, Luxembourg, France and other countries. It has client assets totalling 71 billion euros.

The combination of the two groups will benefit from global growth drivers and position itself as a consolidator of the wealth management sector in Europe. It will provide clients with high value-added services thanks to the combined expertise and access to the Crédit Agricole group’s international network and financing capabilities.

The deal will also enable the Crédit Agricole Group to significantly strengthen its presence in Belgium and to expect significant synergies with its various entities.

The agreement will be carried out in partnership with the CLdN group, Degroof Petercam’s core shareholder, which will retain a stake of around 20%, reflecting the desire to preserve its roots and domestic presence in Belgium, in line with the Crédit Agricole group’s partnership culture.

Jacques Prost, Chief Executive Officer of Indosuez Wealth Management, commented: “We are delighted to have reached this agreement with the shareholders of Degroof Petercam, a long-standing leader in wealth management. This proposed alliance will be an important step in our development in Europe, in line with our strategic plan, and will make Belgium our second domestic market. We look forward to working with the Degroof Petercam team.”

Hugo Lasat, CEO of Degroof Petercam, also commented on the transaction: “I would like to pay tribute to our talented teams, whose efforts have helped to make our company one of the leaders in our respective activities with an international footprint. The proposed alliance with Indosuez Wealth Management will provide us with a stable shareholder, backed by a leading global player.”

Crédit Agricole and Stellantis acquire car leasing businesses in six European countries