Credit Agricole subsidiary Indosuez Wealth Management has agreed to sell its Brazil business to Banco Safra for an undisclosed sum.
The completion of the transaction, which is subject to regulatory approval, is expected in the second half of 2021.
The firm said: “Having carefully evaluated all bids received, Banco Safra’s was the best one thanks to its deep roots and long-term vision in the region, where Banco Safra is the seventh largest bank.
“Indosuez is confident that Banco Safra will continue its legacy of putting the interests of clients first.”
The Crédit Agricole Group has confirmed its commitment to Brazil through its Banco Credit Agricole Brasil (BCAB), which has been active in the country for more than 70 years.
BCAB will continue to serve large Brazilian companies, multinationals of the Crédit Agricole CIB network and financial institutions locally.
Credit Agricole said: “Investors remain a key priority of the Credit Agricole Group, which will continue to offer services solutions to investors and businesses via the partnership with Santander Caceis Brasil DTVM SA.”