PARIS (dpa-AFX) - French banking company Credit Agricole SA (CRARF.PK, CDA.L, ACA.PA) announced Tuesday that its unit Indosuez Wealth Management has finalised the acquisition of Bank Degroof Petercam. The financial terms of the deal were not released.
With the deal, Indosuez becomes majority shareholder of Degroof alongside its historical shareholder CLdN Cobelfret.
Credit Agricole said the impact of the deal on its CET1 ratio will amount to around 30 basis points. This transaction is expected to generate additional net income group share after synergies of 150 million euros to 200 million euros by 2028.
CA Indosuez now controls 65% of the capital of Bank Degroof Petercam alongside CLdN Cobelfret, which holds nearly 20% of the capital.
CA Indosuez will shortly submit a filing with the Belgian financial services and markets authority or FSMA with the intention of launching a voluntary public takeover bid for the shares held by the minority shareholders of Bank Degroof Petercam.
The acquisition has obtained the required approvals from the banking and competition authorities.
Degroof Petercam teams will join forces with Indosuez, creating a European wealth management firm. Credit Agricole said the acquisition strengthens its presence in Belgium and will generate significant synergies with its various business lines.
Jacques Prost, Chief Executive Officer of the Indosuez group, said, 'This acquisition is a transformative and exciting project that reshapes our scope and establishes a European leader in wealth management. It enhances our value proposition with one of the most comprehensive offerings in the market for all our wealthy private clients and families, entrepreneurs and professional investors. It allows us to generate significant synergies with the different activities of the Crédit Agricole Group.'
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