Indoswiss (Credit Agricole) acquires 65% of Degrove Petercam

Indosuez Wealth Management has completed the acquisition of Belgian investment firm Degroof Petercam in which Crédit Agricole Group’s wealth management firm now controls 65% of the capital, while CLdN Cobelfret, the entity’s historical shareholder, owns approximately twenty percent. Following the completion of the deal, which was announced in August 2023, Indosuez has filed with the Belgian Financial Services and Markets Authority (FSMA) with the aim of launching a voluntary takeover offer to the minority shareholders of Degrove Peterkam Bank on the same terms and conditions of that proposal completed on Monday. Specifically, the offer will be directed at 11.247% of the capital of the Belgian company at a fixed price per share of 137.67 euros, which can be increased with additions by up to 14.48 euros, reaching a final maximum price of 152.15 euros. Which will raise the amount to about 185 million. The French entity estimates that the impact on Crédit Agricole’s CET1 capital ratio will be around 30 points at the end of the operation, while it expects that it will achieve a net result attributable to the additional group after synergies of between 150 and 200 million euros by 2019. 2028. With about 200 billion Euros of client assets, a net banking product of approximately €1.6 billion and 4,500 employees, the entity emerging from the merger will form a leading European wealth management company. “This acquisition is a transformative and exciting project that changes our dimension and creates a leading European wealth management company,” said Jacques Prost, CEO of Indosuez Group, for whom the transaction allows us to achieve important synergies with the various activities of the Indosuez Group. Credit Agricole Group. For his part, Hugo Lasat, CEO of Degrove Petercam, emphasized that the merger “generates great perspectives and opportunities for both customers and employees.”