2023-08-04 06:58:53
The French bank Crédit Agricole, which published record results in the second quarter on Friday, is in the process of acquiring, via its private bank, Indosuez Wealth Management, a majority share in the Belgian asset manager Degroof Petercam. The transaction values Degroof Petercam at 1.55 billion euros.
Crédit Agricole would control around 80% of the capital of Degroof Petercam, alongside the Cigrangs, a family of shipowners from Antwerp.
In a press release, Degroof Petercam specifies that the acquisition project is carried out in partnership with the CLdN group, Degroof Petercam’s reference shareholder, “which would remain in the capital at around 20%, testimony to the desire to preserve the roots and the domestic anchoring of the group in Belgium in coherence with the culture of partnerships of the Crédit Agricole group.”
“CLdN, which joined the shareholding of Degroof Petercam in 2011, increases its stake to approximately 20%”, indicates for his part Christian Cigrang, chairman of the board of directors of the CLdN group, quoted in the press release.
The assets of Degroof Petercam’s clients amount to 71 billion euros. Indosuez Wealth Management has €130 billion in assets under management, which places the Crédit Agricole subsidiary among the world leaders in wealth management.
“The alliance of Degroof Petercam and the Indosuez Wealth Management group would create a pan-European leader in wealth management benefiting from global growth drivers and positioning itself as a consolidator of the sector in Europe”, we add.
The finalization of the agreement between CA Indosuez Wealth (Europe) and Degroof Petercam is subject to the approval of the relevant regulatory and competition authorities. The operation is expected to be completed in 2024.
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