CFM Indosuez Wealth Management has completed its acquisition of BNP Paribas’s wealth management client book in Monaco, consolidating its position as the leading bank in the Principality, the company announced.

The transaction also brings a number of former BNP Paribas colleagues into the CFM Indosuez team, which the bank said would strengthen its expertise and further cement its standing as Monaco’s largest banking employer.

CFM Indosuez, which has operated in Monaco for more than a century, is part of the Crédit Agricole Group — the world’s tenth largest bank — giving it access to significant financial resources and an extensive international network. The bank said the acquisition reinforced its ability to serve a demanding local and international client base, with a particular focus on ultra-high-net-worth individuals.

The company added that the impact of the transaction on Crédit Agricole S.A.’s CET1 capital ratio is not material.

See also: 

CFM Indosuez reveals plans to transform Monaco building into ‘Everblue’ tower

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