French banking group Credit Agricole has reportedly offloaded its Brazilian wealth management unit to Banco Safra for an unknown sum.

Banco Safra’s chief Silvio de Carvalho told Reuters that the acquisition underpins the bank’s plans to expand its businesses.

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Indosuez Wealth Management, the global wealth management brand of Crédit Agricole group, is said to manage $913m (BRL5bn) in assets in Brazil.

The unit offers a range of investment solutions, including brokerage services, funds, securitisation products, to HNW clients in the country.

The deal is said to position São Paulo-headquartered Safra as the sixth largest asset manager in the country, with $20.09bn (BRL110bn) in assets.

Credit Agricole confirmed the deal to Reuters but refused to offer further comment on the news.

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Last month, Santander Private Banking reached an agreement with Indosuez Wealth Management business in Miami to purchase $4.3bn in client assets and liabilities.

Other moves by Credit Agricole

In February this year, Credit Agricole CIB launched a green investment solution called Capital Protected Impact Green Certificates for Credit Agricole Italia’s clients in Italy.

The launch was part of the Credit Agricole Group’s initiative to commit to sustainable development and ESG issues.

In November 2020, Credit Agricole CIB and Indosuez launched a joint division entitled Private Investment Banking to supporting UHNWIs and family holdings worldwide.

The new unit was aimed at backing family holdings and their shareholders in implementing long-term strategies.