Indosuez Wealth Management, the global wealth management brand of Crédit Agricole Group, announced the completion of the acquisition of 94.1 per cent of leading Italian wealth manager Banca Leonardo, having received the required approvals from regulators.
The acquisition, which was initially announced in November 2017, further strengthens the bank’s presence in Italy.
The combined business will bring together 230 employees in Italy serving clients from 6 offices. Total assets under management in Italy are expected to represent around seven billion euros.
Olivier Chatain, CEO of CA Indosuez Wealth (Europe), commented, “The completion of this transaction is an important step for our development in Italy, one of the Group’s core markets. Our teams really look forward to working alongside our new colleagues from Banca Leonardo, a strong and recognised wealth manager in Italy.Our joint ambition is to deliver a comprehensive, bespoke, wealth management offering to Italian families and entrepreneurs.” The transaction will have an impact of approximately 1 basis point on Crédit Agricole S.A.’s and no material impact on Crédit Agricole Group’s Common Equity Tier 1 ratio.