Crédit Agricole takes over Degroof Petercam
Indosuez Wealth Management, the asset management arm of French banking giant Crédit Agricole, is to acquire a majority stake in bank Degroof Petercam. The two parties announced this in a press release Friday.
Crédit Agricole and Degroof Petercam aim to complete the deal in 2024, subject to regulatory approval. The acquisition will be carried out "in partnership" with the reference shareholder CLdN, the shipping group of the Cigrang shipowners. As part of the deal, CLdN will increase its stake in the Belgian private bank to around 20 per cent.
The combination of Degroof Petercam and Indosuez Wealth Management would create a "pan-European leader in wealth management", the press release states.
Bank Degroof Petercam is a Belgian private and corporate bank founded in Brussels in 1871. The bank is active in asset management, financial markets, corporate finance, credit and structured finance, real estate and financial analysis.
© BELPRESS
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