Strenghts its presence in Belgium (Il Sole 24 Ore Radiocor) - Paris, 04 Jun - Indosuez Wealth Management, a subsidiary of the French bank Credit Agricole, finalised the acquisition of Degroof Petercam, of which it becomes majority shareholder alongside CLdN Cobelfret, according to a statement.

The French group now controls 65% of the capital of Bank Degroof Petercam, while CLdN Cobelfret has nearly 20% of the capital. Credit Agricole said that it will shortly submit a filing with the Belgian financial services and markets authority with the intention of launching a voluntary public to buy out the minority shareholders of Bank Degroof Petercam.

The transaction, strengthens Credit Agricole's presence in Belgium and will generate significant synergies with its various business lines, it added.

"This acquisition is amongst the most significant transactions in the industry in the past 10 years in Europe.

Indosuez Wealth Management, which has supported its clients for more than 150 years, is now present in 16 territories, mainly in Europe, as well as in Asia Pacific and the Middle East," Credit Agricole said.

With approximately 200 billion euros in client assets, nearly 1.6 billion euros in net banking income and 4,500 employees, the new group will form a European leader in wealth management, it added.

The impact of the takeover on Credit Agricole's common equity tier one ratio following is approximately 30 basis points.

The transaction is expected to generate additional net income after synergies of 150-200 million euros by 2028.

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(RADIOCOR) 04-06-24 19:09:04 (0654) 5 NNNN