Indosuez Wealth Management completed the acquisition of Crédit Industriel et Commercial’s private banking operations in Singapore and Hong Kong.
The acquisition, which was announced on 13 July 2017, strengthens the bank’s presence in Asia and brings its total assets under management (AUM) across the region to approximately EUR 12 billion. Its current employee base in Asia also increases from 250 to in excess of 400 staff, Indosuez said in a press release.
«The acquisition of CIC’s operations in Hong Kong and Singapore marks an important milestone for the bank, paving the way for growth momentum and opportunities in Asia,» said Pierre Masclet, chief executive officer of Indosuez Wealth Management in Asia.
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.
