Indosuez Wealth Management Group has signed an agreement to acquire a majority stake in Degroof Petercam, a leader in wealth management in Belgium and a reference investment house with an international presence and client base.
The proposed acquisition is being carried out in partnership with the CLdN group, Degroof Petercam’s core shareholder, which will retain a stake of around 20 percent, reflecting the desire to preserve its roots and domestic presence in Belgium, in line with the Crédit Agricole group’s partnership culture, Indosuez Wealth Management said on Friday, August 4.
Degroof Petercam is an independent family group whose origins go back more than 150 years and is a diversified bank with client assets totalling 71 billion euros.
The group has attractive positions in Belgium, Luxembourg and France in private banking, and internationally in asset management, investment banking and asset services.
Over the past few years, in line with its raison d’être of creating collective and responsible prosperity, the bank has strengthened its risk control and management procedures, particularly in terms of compliance, and has made major investments in its operating systems.
The combination of Degroof Petercam and the Indosuez Wealth Management group would create a pan-European leader in wealth management, benefiting from global growth drivers and positioning itself as a consolidator of the sector in Europe.
Completion of the agreement between CA Indosuez Wealth (Europe) and Degroof Petercam is subject to the approval from the relevant regulatory and competition authorities. The transaction is expected to be completed in 2024.