Indosuez Wealth Management, bank specializing in the wealth management sector of the Crédit Agricole Group, announced in a note that it has completed the acquisition of 94,1% of Banca Leonardo, an institution active in the same sector. The operation has received the OK from the supervisory authority.
The acquisition, initially announced in November 2017, aims to strengthen the group's presence in Italy, raising total assets under management in our country to around 7 billion euro.
Olivier Chatain, CEO of CA Indosuez Wealth (Europe), commented: “The conclusion of this transaction represents an important step for our development in Italy, one of the group's core markets. Our teams look forward to working alongside new colleagues from Banca Leonardo, a solid and prestigious player in wealth management in Italy. Our common ambition is to offer a complete and personalized wealth management offer to Italian families and entrepreneurs.”
The acquisition will have an impact of approximately 1 basis point on the Common Equity Tier 1 ratio of Crédit Agricole SA, and no significant impact on the Common Equity Tier 1 ratio of the Crédit Agricole Group.
Following the completion of the transaction, the Indosuez Wealth Management Group announced the appointment of Ariberto Fassati as Chairman of the Board of Directors of Banca Leonardo. Luca Caramaschi will instead be managing director and general manager, Bertrand de Margerie will become deputy general manager.
As regards Indosuez WM (Europe), Giovanni Bertino has been appointed General Manager of CA Indosuez Wealth (Europe), Italy Branch, replacing Luca Caramaschi and will report to Olivier Chatain, Chief Executive Officer of CA Indosuez Wealth (Europe).
