Santander Private Banking announced its intention to acquire Indosuez Wealth Management business in Miami.

This includes $4.3bn in client assets and liabilities with related staff from Indosuez.

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Subject to regulatory approval, the acquisition is expected to close in the middle of 2021.

Furthermore, the deal will be executed through Banco Santander International (BSI), part of Santander Private Banking.

Santander Wealth Management & Insurance global head Víctor Matarranz said: “This transaction, which leverages our geographic presence and our capabilities as a leading financial group, is another step toward our goal of becoming the best global private banking platform. We want to keep growing our business – especially in geographies where we see major commercial potential like the US – and elevate our position as a growth engine for Grupo Santander.”

Indosuez CEO Jacques Prost added: “Following approaches from a number of international bidders and after close evaluation, Santander’s proposal for the Miami business stood out to Indosuez thanks to the bank’s high quality, international operations with a strong reputation.

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“We are confident that this is the right fit to meet the interests of our clients and our people in Miami, ensuring a smooth transition and building on Santander’s sizeable footprint and 42-year long experience in the region. Indosuez’s decision to leave the Miami market was carefully considered due to our longstanding presence in the region, but was made in line with Indosuez’s strategy of focusing and expanding its presence in its key markets.”

Santander US CEO Tim Wennes said, “This acquisition is part of the growth strategy for Santander US, which includes organic and inorganic opportunities, and I am confident that the team will provide world-class services to our new clients from Indosuez.”

Indosuez Wealth Management is the global wealth management brand of Crédit Agricole group, ranked 10th in the world in terms of total assets (The Banker – July 2020, based on results at the end of 2019).