Indosuez Wealth Management completed the acquisition of Crédit Industriel et Commercial SA's private banking operation in Singapore and the entire paid-up share capital of CIC Investors Services in Hong Kong, following receipt of approvals from the Singapore High Court and the Hong Kong Securities and Futures Commission.
The acquisition brings Indosuez Wealth Management's total AUM across Asia to approximately €12 billion and boosts its staff headcount in the region to more than 400 employees from 250. The company will also add a 24-hour execution platform to its product offerings after the transaction.
The deal will have a very limited impact of less than 2 basis points on the common equity Tier 1 ratios of Crédit Agricole SA and Crédit Agricole Group, Indosuez Wealth Management said Dec. 4.
Indosuez Wealth Management is the global wealth management brand of Crédit Agricole Group.