Indosuez Wealth Management has signed an agreement to acquire a majority stake in Belgian wealth manager Degroof Petercam for an undisclosed sum.
The proposed acquisition is being carried out in partnership with the CLdN group, Degroof Petercam’s core shareholder, which will retain a stake of around 20%.
Degroof Petercam has client assets totalling €71bn (£61bn, $78bn). The group has operations in Belgium, Luxembourg and France in private banking, and internationally in asset management, investment banking and asset services.
The transaction is expected to be completed in 2024.
Credit Agricole subsidiary Indosuez Wealth Management will work closely with Degroof Petercam teams to “facilitate the transaction for the benefit of clients and employees”, the firms said in a statement.
Completion of the agreement between CA Indosuez Wealth (Europe) and Degroof Petercam is subject to the approval from the relevant regulatory and competition authorities. As part of this transaction, a long-term partnership agreement will be signed with CLdN.
Following the acquisition of a majority stake, a voluntary tender offer will be launched with Degroof Petercam’s minority shareholders, with the intention for CA Indosuez Wealth (Europe) to acquire the remaining capital on the same terms as those for the acquisition of the majority stake.
Jacques Prost, chief executive of Indosuez Wealth Management, said: “We are delighted to have reached this agreement with the shareholders of Degroof Petercam, a long-standing leader in wealth management. This proposed alliance will be an important step in our development in Europe, in line with our strategic plan, and will make Belgium our second domestic market. We look forward to working with the Degroof Petercam team.”