Indosuez Wealth Management acquires Degroof Petercam

CA Indosuez Wealth Management has become the majority shareholder of Degroof Petercam, the largest private bank in Belgium and a leading centre for cross-border banking and insurance services in Europe. 

Announced in August 2023, the acquisition of the majority of its competitor’s capital was finalised on Monday, following a meticulous process involving approvals from various banking and competition authorities in the EU.

Indosuez Wealth Management, a subsidiary of Crédit Agricole S.A., described the transaction in a statement as “among the most significant in the industry in the past 10 years in Europe”. 

“I am delighted to welcome Degroof Petercam’s teams and extensive expertise to our Group today,” said Jacques Prost, Chief Executive Officer of the Indosuez group, which includes the Monaco-based CFM Indosuez Wealth Management branch. “This acquisition is a transformative and exciting project that reshapes our scope and establishes a European leader in wealth management. It enhances our value proposition with one of the most comprehensive offerings in the market for all our wealthy private clients and families, entrepreneurs and professional investors… Now that this union has become a reality, all our teams across our regions will unite to pool our strengths, shape this new entity and write a new chapter in our collective history.” 

See also: The story behind CFM Indosuez: the oldest and largest Monegasque bank

Indosuez Wealth Management has a 150-year legacy as one of the world’s leading private banks. In addition to its Monaco premises, of which there are five agencies and one trading room, Indosuez Wealth Management is present in 15 other national territories around the world.

The bank now controls 65% of the capital of Degroof Petercam, with almost 20% being held by CLdN Cobelfret, its historical shareholder.  

With the integration of Degroof Petercam, Indosuez will manage €200 billion in customer assets and achieve a net banking income of approximately €1.6 billion based on recalculated 2023 figures. 

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Photo: DP office in Brussels