Paris-headquartered firm Indosuez Wealth Management has completed the acquisition of Crédit Industriel et Commercial’s (CIC) private banking operations in Singapore and the full capital purchase of CIC Investors Service in Hong Kong.
The transaction, unveiled last July, reinforces Indosuez WM’s footprint in Asia, bringing its total assets under management (AUM) across the region to around €12bn with more than 400 employees.
CIC clients will benefit from both Indosuez’s Hong Kong and global multi-booking centres as well as discretionary portfolio management, advisory mandates, private equity, wealth structuring and corporate solutions capabilities. Indosuez is also set to add a 24-hour execution platform to its offering.
Paul de Leusse, chief executive officer of Indosuez WM, commented, “The successful completion of the CIC transaction confirms the significant progress we are making on Shaping Indosuez 2020, the bank’s corporate project. We are very pleased to welcome our new colleagues to the Indosuez family as we continue to expand in the high-growth Asian market.”
Pierre Masclet, chief executive officer of Indosuez WM in Asia, added, “The acquisition of CIC’s operations in Hong Kong and Singapore marks an important milestone for the bank, paving the way for growth momentum and opportunities in Asia. Thanks to our shared culture and mutual commitment to client service and product excellence, CIC is a natural fit for Indosuez Wealth Management. The enlarged Indosuez Wealth Management operation in Asia will ensure that our clients continue to receive the personalised service they expect together with the most competitive products, tailored solutions and pricing models.”
Indosuez WM had €112bn in assets under management as at 30 June 2017.