Indosuez Wealth Management – the global wealth management brand of Crédit Agricole group – has completed the acquisition of Crédit Industriel et Commercial’s (“CIC”) private banking operations in Singapore and the entire paid-up share capital of CIC Investors Services in Hong Kong.

It comes after Indosuez Wealth Management received approvals from the Singapore High Court and the Securities and Futures Commission of Hong Kong.

The acquisition, which was announced on 13 July 2017, strengthens the bank’s presence in Asia and brings its total assets under management (AUM) across the region to approximately €12bn. Its current employee base in Asia also increases from 250 to more than 400 staff.

In addition to current product and services, the combined business will allow CIC clients to 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. With the acquisition of CIC, Indosuez will also add a 24-hour execution platform to its offering.

Paul de Leusse, CEO of Indosuez Wealth Management 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, CEO of Indosuez Wealth Management in Asia, said: “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.”

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The transaction will have a very limited impact on Crédit Agricole S.A.’s and Crédit Agricole Group’s Common Equity Tier 1 ratio, of less than 2 basis points.