Indosuez Wealth Management, a subsidiary of Crédit Agricole S.A., has completed the acquisition of Degroof Petercam, becoming the majority shareholder alongside CLdN Cobelfret, its historical shareholder. The transaction, which received the necessary approvals from banking and competition authorities, enables Degroof Petercam teams to join forces with Indosuez Wealth Management, creating a European leader in wealth management. This move strengthens Crédit Agricole's presence in Belgium and promises significant synergies across its various business lines.
This acquisition is one of the most significant transactions in the industry in the past decade in Europe. Indosuez Wealth Management, with over 150 years of client support, now operates in 16 territories, primarily in Europe, as well as in Asia Pacific and the Middle East. With approximately €200 billion in client assets, nearly €1.6 billion in net banking income, and 4,500 employees, the new group will be a European leader in wealth management.
Clients of Indosuez Wealth Management will benefit from an enhanced value proposition leveraging the complementary expertise of both entities:
- Degroof Petercam’s advisory services for entrepreneurs, investment advice, fund offerings, particularly in ESG, and fund servicing capabilities.
- The extensive range of services from Indosuez Wealth Management, including structured products, private equity, real estate, financing capacity, and international network.
The combined offerings include Advisory, Financing, Investment Solutions, Fund Servicing, Technology, and Banking Solutions, as well as access to Crédit Agricole Group's international network, expertise, and financing capabilities. The enhanced ESG offering caters to the growing demand across all asset classes and management approaches.
A team of 4,500 employees now embodies the Group's client, human, and societal projects. This alliance offers new development and career opportunities within Crédit Agricole Group, the world's 10th largest bank, with a presence in over 46 countries.
Jacques Prost, Chief Executive Officer of the Indosuez Group, stated:
“I am delighted to welcome Degroof Petercam's teams and extensive expertise to our Group today. 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. It allows us to generate significant synergies with the different activities of the Crédit Agricole Group. 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.”
Hugo Lasat, Chief Executive Officer of Degroof Petercam, remarked:
“With the complementary expertise of the two entities combined with the power of the network and the financial capabilities of Indosuez Wealth Management, we will be able to go further in supporting our clients. Indosuez will leverage the strengths and the teams at Degroof Petercam and DPAM. We take pride in the progress we’ve made with the support of our historical shareholders and thanks to the commitment of our team for which I am grateful. This alliance opens up great prospects and opportunities for both clients and staff members.”
Christian Cigrang, Chairman of the Board of Directors of CLdN Cobelfret, added:
“Founded in 1871 and 1875 respectively, Degroof Petercam and Indosuez share an exceptional historical heritage and contribute to economic prosperity in their respective markets. The integration of Degroof Petercam with Indosuez, a subsidiary of Crédit Agricole S.A., brings significant growth prospects offered by a global player, while maintaining its entrepreneurial identity and anchoring in the markets where it operates.”
CA Indosuez now controls 65% of the capital of Bank Degroof Petercam, alongside CLdN Cobelfret, which holds nearly 20%. CA Indosuez will soon submit a filing with the Belgian financial services and markets authority (FSMA) to launch a voluntary public takeover bid for the shares held by the minority shareholders of Bank Degroof Petercam. Additional details are available on the CA Indosuez website.
The impact on Crédit Agricole S.A.'s CET1 ratio following the transaction is approximately 30 basis points, and it is expected to generate additional net income group share after synergies of €150 to €200 million by 2028.
Indosuez Wealth Management is the global wealth management brand of the Crédit Agricole Group, the world’s 10th largest bank by balance sheet. With over 150 years of experience, Indosuez supports major private clients, families, entrepreneurs, and professional investors in managing their assets. The bank offers a tailored approach to preserving and developing wealth, supported by a continuum of services including Advisory, Financing, Investment Solutions, Fund Servicing, Technology, and Banking Solutions. Indosuez Wealth Management has nearly 4,500 employees in 16 locations worldwide and manages approximately €200 billion in client assets.
CLdN Cobelfret is a diversified consortium owned by the Cigrang family, active in shipping, port handling, logistics, real estate, and the financial sector, with a presence in Luxembourg, Singapore, and London.
Founded in 1871, Degroof Petercam is a Belgian-rooted investment house with over 150 years of financial expertise. Serving private and institutional investors and corporates, Degroof Petercam offers services in private banking, asset management, investment banking, and fund servicing. With more than 1,500 experts and €74.3 billion in assets, the firm has offices in Belgium, Luxembourg, France, Switzerland, Spain, the Netherlands, Germany, Italy, Hong Kong, and Canada.