Indosuez Wealth Management (WM) has completed the acquisition of Credit Industriel et Commercial’s (CIC) private banking operations in Singapore and the entire paid-up share capital of CIC Investors Services in Hong Kong.
The duo received approvals from the Singapore High Court and the Securities and Futures Commission of Hong Kong on 2 December, Indosuez WM said in a release.
This brings Indosuez WM’s total assets under management (AUM) across the region to approximately EUR 12 billion. Its current employee base in Asia also increases from 250 to more than 400 staff.
Commenting on the acquisition, Pierre Masclet, CEO of Indosuez WM in Asia said: ‘The acquisition of CIC’s operations in Hong Kong and Singapore marks an important milestone for the bank, paving the way for growth momentum and opportunities in Asia.’
The transaction will have a very limited impact on Crédit Agricole S.A.’s and Crédit Agricole Group’s Common Equity Tier 1 ratio, of less than 2 basis points, the French private bank said.