On Tuesday, November 7, Indosuez Wealth Management, the global wealth management brand of Crédit Agricole Group, announced that its subsidiary CA Indosuez Wealth (Europe) has signed an agreement with GBH SpA, Exor SA, Eurazeo SA, Swilux SA, and Torreal SA, the main shareholders of Banca Leonardo, to acquire 67.67 percent of Banca Leonardo, a leading wealth manager in Italy.
CA Indosuez Wealth (Europe) will offer the other shareholders of Banca Leonardo to purchase their shares at the same price and conditions, so that CA Indosuez Wealth (Europe) may ultimately own up to 100 percent of Banca Leonardo.
Acquiring Banca Leonardo will allow Indosuez Wealth Management to further enhance its existing wealth management capabilities and offering in the Italian market, adding €5.9 billion (as of June 30. 2017) in assets under management (AuM).
The acquisition will bring a client portfolio predominantly composed of High Net Worth Individuals (HNWIs). The combined business will provide added-value services to new and existing HNWI clients, as well as support to Crédit Agricole Italia through active cooperation, enhancing client satisfaction and profitability.
The deal is fully in line with Crédit Agricole Group’s Medium-Term Plan “Strategic Ambition 2020”.
Paul de Leusse, CEO of Indosuez Wealth Management, commented: “The wealth management sector in Italy, which is expected to grow at a rate of four per cent per annum, offers great opportunities for growth and innovation and we look forward to working with our new colleagues from Banca Leonardo to enhance our positioning and expand our business in Italy.”
Giampiero Maioli, Senior Country Officer for Crédit Agricole in Italy & CEO of Gruppo Bancario Crédit Agricole Italia, added: “This strengthening of our offering in wealth management will allow the Group to better serve High Net Worth Individuals and further develop synergies between the different activities of the bank to the benefit of our customers, stakeholders and staff. It reinforces our already strong position in Italy and broadens the range of products and services offered to our 3.5 million clients.”
Indosuez Wealth Management is represented in Monaco by CFM Indosuez Wealth Management, which was named 2017 Best Bank in Monaco by the international magazine Global Finance.