Crédit Agricole to buy Banca Leonardo
CA Indosuez Wealth (Europe) will offer the other shareholders of Banca Leonardo to purchase their shares at the same price and conditions, so that CA Indosuez Wealth (Europe) may ultimately own up to 100% of Banca Leonardo.
Accquiring Banca Leonardo will allow Indosuez Wealth Management to further enhance its existing wealth management capabilities and offering in the Italian market, adding 5.9 billion euros (as of June 30. 2017) in assets under management (AuM).
The acquisition will bring a client portfolio predominantly composed of High Net Worth Individuals (HNWIs).
The combined business will provide added-value services to new and existing HNWI clients, as well as support to Crédit Agricole Italia through active cooperation, enhancing client satisfaction and profitability.
The deal is fully in line with Crédit Agricole Group’s Medium-Term Plan “Strategic Ambition 2020.” ■