Indosuez Wealth Management, a subsidiary of Crédit Agricole, finalizes the acquisition of Degroof Petercam, of which it becomes the majority shareholder alongside CLdN Cobelfret, its historic shareholder.
CA Indosuez now controls 65% of the capital of Banque Degroof Petercam and CLdN Cobelfret nearly 20%. According to calculations by the Agefi-Dow Jones agency, the transaction was carried out for an amount of 1.08 billion euros.
CA Indosuez will soon submit a file to the Belgian Financial Services and Markets Authority (FSMA) with the intention of launching a voluntary public acquisition offer to the minority shareholders of Banque Degroof Petercam who together represent 11.25% of the capital.
The operation, which has obtained the necessary authorizations from banking and competition authorities, will lead the Degroof Petercam teams to join those of Indosuez Wealth Management
“to create a European leader in wealth management”,
according to a press release released on Tuesday June 4. The new group represents 200 billion euros in customer assets, net banking income of around 1.6 billion euros and 4,500 employees. It is present in sixteen territories, mainly in Europe, Asia-Pacific and the Middle East.
The effect on Crédit Agricole’s CET1 ratio following the transaction will be negative in the order of 30 basis points. This operation should generate for the bank an additional net profit group share after synergies of 150 million to 200 million euros by 2028.
(With Agefi-Dow Jones)
Laurence Marchal
