Indosuez Wealth Management announced an agreement with Crédit Industriel et Commercial to acquire the latter’s private banking operations in Singapore and Hong Kong.
Last month Indosuez Wealth Management (Indosuez) entered into exclusive discussions with Credit Industriel et Commercial (CIC) to acquire its private banking activities in Asia's leading wealth hubs.
In a press release the two institutions have now confirmed the deal. After completion of the transaction, Indosuez will have Assets Under Management of $14 billion in Asia.
As part of the transaction, Indosuez in Asia, chaired by Pierre Masclet, Chief Executive Officer of Indosuez Asia, will welcome CIC’s private banking teams in Singapore and Hong Kong, adding to the staff the group currently employs in the region.
Hiring and Expansion
The acquisition is expected to close by the end of this year and remains subject to regulatory approvals in both jurisdictions.
«Indosuez has a long-standing presence in this market, having set up in Hong Kong in 1894 and in Singapore in 1905. The addition of CIC’s private banking operations in these markets further cements our commitment for the future in the region,» said Masclet,
Indosuez calibrated its Asian management structure and has made a number of hires since the start of 2017 indicating an increased commitment to the Southeast Asian and Greater China wealth markets.
Consolidation in Asia
Wealth managers have struggled to build scale and survive in Asia, despite the regions boast of being the fastest growing wealth market in the world.
The wealth units of ABN Amro, Coutts, Societe Generale Private Banking, Barclays Wealth, ANZ and National Australia Bank have all thrown in the towel.
The now familiar name of Bank of Singapore was also born out of the Asian private wealth business of Dutch institution ING, the first domino to fall during the global financial crisis.
