Indosuez Wealth Management, of the Crédit Agricole group, announces the purchase of Banca Leonardo. The agreement was signed between the French subsidiary CA Indosuez Wealth (Europe) and the main shareholders of the Italian institute (GBH SpA, Exor SA, Eurazeo SA, Swilux SA and Torreal SA), one of the leading players in wealth management in Italy , and concerns 67,67% of the share capital. CA Indosuez Wealth (Europe) will offer the other shareholders of Banca Leonardo to acquire their shares at the same price and conditions, in order to acquire 100% of the Bank.
The acquisition of Banca Leonardo, adding the additional assets under management of the same for 5,9 billion euro (at 30 June 2017), will allow Indosuez Wealth Management to strengthen its management and offer capabilities on the Italian market. The acquisition will allow access to a clientele composed mainly of High Net Worth Individuals (HNWI).
“We are pleased to have concluded this agreement with the shareholders of Banca Leonardo, a strong Italian wealth manager of great prestige – commented Paul de Leusse, CEO of Indosuez Wealth Management – The transaction is consistent with our strategic plan Shaping Indosuez 2020, which expects other selected acquisitions in our main markets in Europe. The Italian wealth management sector, which is expected to grow at a rate of 4% per annum according to forecasts, offers great opportunities for growth and innovation. We are very happy to soon be able to work with our new colleagues from Banca Leonardo to strengthen our presence and expand our business on the Italian market".
Gerardo Braggiotti, president of Banca Leonardo, instead paid tribute “to the managers and teams who have contributed to the growth of the Bank's profile, bringing it to its current levels: one of the main players in wealth management in Italy. I am very satisfied with this operation which creates the conditions for allowing Banca Leonardo to play a leading role in the consolidation of the wealth management sector in Italy, with predictable benefits for both collaborators and customers".
The transaction will have to be approved by the authorities and should be completed during the first half of 2018. The impact of the transaction on the CET1 ratio of Crédit Agricole SA and the Crédit Agricole group will be less than 5 basis points.
As part of the transaction, Indosuez Wealth Management was assisted for the financial aspects by Mediobanca, and for the legal aspects by BonelliErede.
For Banca Leonardo the legal aspects were handled by the Pedersoli law firm.
