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Luxembourg Private Banks Merge

Credit Agricole Indosuez Luxembourg and Credit Lyonnais Luxembourg have merged and formed a new unit, Credit Agricole Luxembourg, according ...
Credit Agricole Indosuez Luxembourg and Credit Lyonnais Luxembourg have merged and formed a new unit, Credit Agricole Luxembourg, according to reports in the French media. This bank will be responsible for the international private banking activities of French bank Groupe Credit Agricole within the European Union. From now on, this new unit will operate under the name Credit Agricole Luxembourg Private Bank. The financial and asset engineering activities of Credit Lyonnais Management Services and Credit Agricole Indosuez Conseil in Luxembourg have also been merged within Credit Agricole Luxembourg Conseil, a 100 per cent subsidiary of Credit Agricole Luxembourg. The new unit manages more than €10 billion ($11.9 billion) worth of managed assets.