Indosuez Wealth Management completes acquisition of Banca Leonardo
Paris/Milan, 3rd May, 2018 - Indosuez Wealth Management, the global wealth management brand of Crédit Agricole Group, is pleased to announce the completion of the acquisition of 94.1% of leading Italian wealth manager Banca Leonardo, having received the required approvals from regulators.
The acquisition, which was initially announced in November 2017, further strengthens the bank’s presence in Italy. The combined business will bring together 230 employees in Italy serving clients from 6 offices. Total assets under management in Italy are expected to represent around 7 billion euros.
Olivier Chatain, CEO of CA Indosuez Wealth (Europe), commented: “The completion of this transaction is an important step for our development in Italy, one of the Group’s core markets. Our teams really look forward to working alongside our new colleagues from Banca Leonardo, a strong and recognised wealth manager in Italy. Our joint ambition is to deliver a comprehensive, bespoke, wealth management offering to Italian families and entrepreneurs.”
The transaction will have an impact of approximately 1 basis point on Crédit Agricole S.A.’s and no material impact on Crédit Agricole Group’s Common Equity Tier 1 ratio.
For further Information, please contact:
Indosuez Wealth Management
Melinda Raverdy email@example.com +41 58 321 95 97
PR agency – FinElk
Teresa Wincrantz firstname.lastname@example.org +44 7595 055 877
About Indosuez Wealth Management group
Shaped by 140 years of experience helping families and entrepreneurs around the globe, Indosuez Wealth Management offers a tailored approach that enables clients to manage, protect and pass on their wealth according to their specific needs. Its teams take a comprehensive view and provide expert advice and exceptional service, offering a wide range of services for the management of both personal and business assets.
Renowned for its international reach combined with a human scale, Indosuez Wealth Management has 3,110 employees in 14 countries around the world, in Europe (France, Belgium, Spain, Italy, Luxembourg, Monaco and Switzerland), Asia-Pacific (Hong Kong, Singapore and New Caledonia), the Middle East (Abu Dhabi, Dubai and Lebanon) and the Americas (Brazil, Uruguay and Miami).
With EUR 118 billion in assets under management (as at 31/12/2017), Indosuez Wealth Management group is one of the global leaders in wealth management.
CA Indosuez Wealth (Europe) is one of the leading institutions in Luxembourg. Its roots date back to 1920 with the founding of its forerunner, La Luxembourgeoise, which was the country’s major bank. The Bank's team, comprising more than 500 highly specialised professionals based in Luxemburg, Belgium, Italy and Spain, combines their knowledge of local and European environment with the vast expertise and opportunities provided by the global network of Indosuez Wealth Management and Crédit Agricole group.
CA Indosuez Wealth (Europe) directs the development of Indosuez Wealth Management activities in Europe (excluding France).
Banca Leonardo was founded by a group of major Italian stockbrokers in October 1999. In April 2006, a group of leading European investors acquired and recapitalised Banca Leonardo, with the aim of creating a financial group characterized by its managerial approach, professionalism and independence. Following a number of significant corporate transactions which have allowed the Bank to return capital invested to its shareholders, Banca Leonardo now operates exclusively in the wealth management sector in Italy and Switzerland.
The Crédit Agricole Group has been present in Italy for over 40 years. Today, headed by the Senior Country Officer Giampiero Maioli, Crédit Agricole operates in Italy with 15 companies covering all business segments: commercial banking, consumer finance and specialized financial services, corporate and investment banking, asset management, Insurance, asset servicing and has completed its range of services with private banking. Italy is the second domestic market for Crédit Agricole with 64 billion euros’ financing to the economy, serving more than 4 million clients with over 14,000 employees.