Indosuez Wealth Management (Crédit Agricole) has completed theacquisition of 65% of the Belgian bank Degroof Petercam. The operation, announced last summer, obtained the necessary authorizations from the banking and competition authorities. The objective of the acquisition is to create a pan-European operator in asset management, uniting the Degroof Petercam teams with those of Indosuez Wealth Management.
After the acquisition, the subsidiary of the French bank becomes majority shareholder (65%) alongside CLdN Cobelfret, its historic shareholder, who will retain a 20% stake.
Indosuez will soon present a dossier to the Belgian Financial Services and Markets Authority with the aim of launching a takeover bid voluntary to the minority shareholders of Banque Degroof Petercam.
The effects of the agreement
I clients of Indosuez Wealth Management, we read in a note released by the transalpine group, will benefit from an enriched value proposition thanks to the complementarity of the skills of the two companies. Some of benefits specifics include:
- Degroof Petercam's consultancy activities for entrepreneurs
- Financial management consultancy
- The offer of mainly ESG funds
- Degroof Petercam's fund servicing capabilities
- The wide range of Indosuez Wealth Management services, including asset management, advisory, structured products, private equity, real estate
- Access to the financing capacity and international network of Indosuez Wealth Management
These benefits include consultancy, financing, investment solutions, fund servicing, technological and banking solutions, as well as access to the international network, expertise and financing capabilities of the Crédit Agricole Group.
The note released also states that “the effect on CET1 coefficient of Crédit Agricole at the end of the operation will be in the order of 30 basis points. The operation should generate a Net income additional, group share, after synergies, between +150 and +200 million euros by 2028".
Comments
“I am pleased to welcome the teams and numerous skills of Degroof Petercam to our Group today – he declared Jacques Prost, CEO of the Indosuez group –. This acquisition is a transformative and exciting project that changes our dimension and brings out a European leader in the management of large assets. It enriches our value proposition with one of the most complete offers on the market for all our private clients and wealthy families, entrepreneurs and professional investors. It allows you to generate important synergies with the various business lines of the Crédit Agricole group. This operation, which has now become reality, will mobilize all teams in all our geographical areas to pool our strengths and write a new chapter in our collective history!”.
“Thanks to the complementary skills of the two entities, combined with the power of the network and the financial capabilities of Indosuez Wealth Management, we will be able to go further in supporting our clients – he added Hugo Lasat, CEO of Degroof Petercam –. Indosuez will be able to count on the strengths of the Degroof Petercam and Dpam teams. We are proud of the path we have traveled with the support of our historic shareholders and which is only possible with the commitment of our teams, whom I thank. This acquisition offers good prospects and opportunities for both customers and collaborators."
“Founded in 1871 and 1875 respectively, Degroof Petercam and Indosuez share an exceptional historical legacy, which contributes to economic prosperity in their respective markets – he concluded Christian Cigrang, president of the Board of Directors of CLdN Cobelfret –. The integration of Degroof Petercam with Indosuez, a subsidiary of Crédit Agricole SA, entails important growth prospects, offered by a global player, while respecting the entrepreneurial identity and rooting in the markets in which it operates".
