Indosuez Wealth Management, a subsidiary of Crédit Agricole S.A., has finalised the acquisition of Belgium’s largest private investment bank Degroof Petercam, becoming a majority shareholder alongside CLdN Cobelfret, Degroof Petercam’s historical shareholder.

The transaction obtained the required approvals from banking and competition authorities, allowing Degroof Petercam teams to join forces with Indosuez Wealth Management, strengthening Crédit Agricole’s presence in Belgium, and generating significant synergies with its various business lines.

This acquisition is among the most significant transactions in the industry in the past 10 years in Europe. Indosuez Wealth Management, which has supported its clients for more than 150 years, is now present in 16 territories, mainly in Europe, as well as in Asia Pacific and the Middle East. With approximately ~200 billion euros in client assets, nearly 1.6 billion euros net banking income and 4,500 employees, the new group will form a European leader in wealth management.

Indosuez Wealth Management’s clients will benefit from an enhanced value proposition leveraging complementary expertise of the two entities; Degroof Petercam’s advisory services to entrepreneurs, investment advice and fund offerings in particular Environmental and Social Governance (ESG), and its fund servicing capabilities, while also benefitting from the extensive range of services offered by Indosuez Wealth Management including structured products, private equity and real estate, as well as its financing capacity and international network.

This value proposition and service continuum includes advisory, financing, investment solutions, fund servicing, technology and banking solutions as well as access to the Crédit Agricole Group’s international network, expertise and financing capabilities.

CA Indosuez now controls 65 percent of the capital of Bank Degroof Petercam alongside CLdN Cobelfret, which holds nearly 20 percent of the capital.

“I am delighted to welcome Degroof Petercam’s teams and extensive expertise to our Group today. This acquisition is a transformative and exciting project that reshapes our scope and establishes a European leader in wealth management” said Jacques Prost, Chief Executive Officer of the Indosuez group, which includes the Monaco-based CFM Indosuez Wealth Management branch.