Published by Finews Asia – 16th June 2017
Further wealth management consolidation is about to take place in Asia with news that Indosuez Wealth Management has entered into exclusive discussions to acquire the private banking units of Credit Industriel et Commercial in Singapore and Hong Kong.
Indosuez Wealth Management has announced that it has entered into exclusive discussions with Credit Industriel et Commercial (CIC) to acquire its private banking activities in Asia’s wealth hubs.
The acquisition would further enhance Indosuez Wealth Management’s footprint and position in Asia and would be in line with its strategic priorities to accelerate growth in key markets.
Smooth Employee Transition
The transaction is expected to be finalised by the end of the year and is subject to both regulatory approvals and to customary employee consultation procedures in France.
In a press release Indosuez Wealth Management said it will work closely with CIC to ensure a smooth process for both the transaction and for the transition of both clients and employees.
«This important step would be a new chapter for Indosuez’s Asia presence and demonstrates our clear commitment and ambition to accelerate our development in the region,» said Pierre Masclet, Indosuez Wealth Management Asia, Chief Executive Officer.
Steady Hiring in 2017
Indosuez calibrated its Asian management structure and has made a number of hires since the start of 2017 indicating an increased commitment to the Southeast Asian and Greater China wealth markets.