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Crédit Agricole unit to buy majority stake in Banca Leonardo

BBR Staff Writer Published 08 November 2017

Indosuez Wealth Management, a unit of Crédit Agricole, has agreed to purchase 67.67% stake in Italy-based wealth manager Banca Leonardo.

Indosuez’s subsidiary CA Indosuez Wealth (Europe) has signed an agreement with GBH, Exor, Eurazeo, Swilux and Torreal to acquire stake in Banca Leonardo, which offers wealth management services and products in Italy and Switzerland.

Indosuez is also offering other shareholders of the wealth manager to purchase their shares at the same price and conditions.

The acquisition will allow Indosuez to expand its existing wealth management business in the Italian market, helping to add around 5.9bn in assets under management (AuM).

Banca Leonardo provides wealth management products through collaboration with GBL Fiduciaria in Italy and Leonardo Swiss in Switzerland.

Banca Leonardo’s client portfolio is comprised of high net worth individuals (HNWIs).

The combined business offers added-value services to new and existing HNWI clients, in addition to supporting Crédit Agricole Italia through active cooperation.

Subject to the approval of the relevant supervisory authorities, the deal is expected to complete in the first half of 2018.

Indosuez Wealth Management CEO Paul de Leusse said: "We are delighted to have reached this agreement with the shareholders of Banca Leonardo, a strong and recognized wealth manager in Italy.

“The acquisition is in line with our Shaping Indosuez 2020 strategic plan, which includes selective acquisitions in our key domestic markets in Europe.”

Banca Leonardo chairman Gerardo Braggiotti said: “On this important day for the staff and clients of Banca Leonardo, I would like to express my gratitude to our talented teams who have contributed to building the bank's profile to become a leading wealth manager in Italy.”

Image: Indosuez to acquire wealth manager Banca Leonardo. Photo: courtesy of adamr / FreeDigitalPhotos.net.