M and A

Indosuez WM Completes Majority Stake Acquisition Of Belgian Wealth Firm

Tom Burroughes Group Editor London 5 June 2024

Indosuez WM Completes Majority Stake Acquisition Of Belgian Wealth Firm

Both banks, founded in the 1870s, have agreed an M&A deal which, they said, builds a leading European player in wealth management.

Indosuez Wealth Management – part of France’s Crédit Agricole – has wrapped up its acquisition of Belgian wealth and investment group Degroof Petercam

Under the terms of the deal, which has received the necessary banking and regulatory approvals, Indosuez will take a major shareholding in the firm.

“This acquisition is a transformative and exciting project that reshapes our scope and establishes a European leader in wealth management,” Jacques Prost, chief executive of the Indosuez group, said.

Indosuez will be able to tap into Degroof Petercam’s advisory services to entrepreneurs, investment advice and fund offerings – in particular, ESG and its fund servicing capabilities. For its part, Indosuez WM will provide services such as structured products, private equity and real estate, offering a financing capacity and international network.

The French group now controls 65 per cent of the capital of Bank Degroof Petercam alongside CLdN Cobelfret, which holds nearly 20 per cent of the capital. 

The deal will affect Crédit Agricole's Common Equity Tier 1 ratio to the tune of about 30 basis points. This transaction, which was first unveiled in August last year, is expected to generate additional net income group share after synergies of an added €150 million ($163 million) rising to €200 million by 2028.

With about €200 billion euros in client assets, nearly €1.6 billion net banking income and 4,500 employees, the new group will form a “European leader in wealth management,” a statement from Indosuez WM said.

The combined groups offer advisory, financing, investment solutions, fund servicing, technology and banking solutions.

Degroof Petercam and Indosuez were founded in 1871 and 1875, respectively. 

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