The France-headquartered group has bulked up its Asian wealth management operations, completing another acquisition.

Indosuez Wealth Management, the global wealth management brand of Crédit Agricole Group, has completed its purchase of Crédit Industriel et Commercial’s private banking operations in Singapore and the entire paid-up share capital of CIC Investors Services in Hong Kong.

The completion happened after the firm won approvals from the Singapore High Court and the Securities and Futures Commission of Hong Kong.

The acquisition, which was announced on 13 July, brings Indosuez WM’s total assets under management in the Asia region to around €12 billion ($14.2 billion). Its employee base in Asia also increases from 250 to more than 400 staff.

The deal allows CIC clients to benefit from both Indosuez’s Hong Kong and global multi-booking centres as well as discretionary portfolio management, advisory mandates, private equity, wealth structuring and corporate solutions capabilities, the firms said in a statement today.

The transaction will have a very limited impact on Crédit Agricole SA’s and Crédit Agricole Group’s Common Equity Tier 1 ratio, of less than 2 basis points, the group said. 

In another transaction, announced earlier in November, Indosuez Wealth Management agreed to by more than two-thirds (67.67 per cent) of Italian wealth management firm Banca Leonardo. Eventually, the group may own all of the Italian firm, it said. That deal adds €5.9 billion ($6.82 billion) of assets under management, based on figures as of 30 June this year.

On 30 June this year, the firm oversaw €112 billion in assets under management.