The transaction is expected to be finalised by the end of the year and is subject to both regulatory approvals and to employee consultation procedures in France, the company said in a statement on Friday.
The announcement follows a number of acquisitions and consolidations within the private banking and wealth management space in Asia.
In May, NAB announced the sale of its private wealth business to OCBC.Rothschild also exited its business in Hong Kong, and LGT Group bought ABN Amro’s private banking business in the region.
Paul de Leusse, Indosuez Wealth Management’s chief executive, said the “exclusive discussions for the acquisition” would lead to two players with similar cultures and values combining forces.
“Together we would strengthen our geographical footprint and our commercial offering whilst maintaining the highest compliance standards. Our financial knowledge of Asia, our efficient logistic platform and the strength of a large group enable us to provide tailor made solutions to families and entrepreneurs whose needs are becoming increasingly sophisticated.”
Pierre Masclet, Indosuez Wealth Management Asia’s chief executive, added: “This important step would be a new chapter for Indosuez’s Asia presence and demonstrates our clear commitment and ambition to accelerate our development in the region.”
The acquisition is in line with its strategic priorities to accelerate growth in key markets, as part of its ‘Shaping Indosuez 2020’ corporate project, which is an element of what Credit Agricole Group calls its medium-term plan.
Indosuez Wealth Management had EUR110bn ($120bn) of assets under management on 31 December 2016. Headquartered in Geneva, it has three offices in Asia: in Hong Kong, Singapore and the French territory of New Caledonia, with 220 wealth managers.
Credit Industriel et Commercial (CIC) is part of Credit Mutuel Group, also a French bank. It established the Singapore branch in 1984, and in 2003 set up a private banking business in Singapore and Hong Kong. It obtained a banking licence in Hong Kong in 2016.
