On Friday, French bank Crédit Agricole, which announced its record second-quarter results, revealed its plans to acquire a majority stake in the Belgian private investment bank Degroof Petercam through its private bank, Indosuez Wealth Management. The deal is valued at €1.55 billion.
Upon completion, Crédit Agricole will have control over approximately 80% of Degroof Petercam’s capital, with the remaining stake held by the Cigrang family, an Antwerp-based ship-owning family.
Degroof Petercam released a statement indicating that the acquisition is being carried out in partnership with the CLdN group, the reference shareholder of Degroof Petercam. The CLdN group will retain around 20% of the capital, showing their commitment to preserving the group’s Belgian roots and domestic presence, which aligns with Crédit Agricole’s culture of fostering partnerships.
Christian Cigrang, chairman of the board of directors of the CLdN group, stated in a press release that the CLdN group, which became part of Degroof Petercam’s shareholding structure in 2011, is increasing its stake to approximately 20%.
Degroof Petercam currently holds client assets worth €71 billion, while Indosuez Wealth Management manages assets amounting to €130 billion, making it one of the leading wealth management firms globally under the Crédit Agricole umbrella.
The alliance between Degroof Petercam and Indosuez Wealth Management is expected to create a pan-European leader in wealth management, benefiting from global growth opportunities and positioning itself as a consolidator in the European sector.
However, the finalization of the agreement between CA Indosuez Wealth (Europe) and Degroof Petercam is subject to the approval of relevant regulatory and competition authorities. If approved, the transaction is expected to be completed in 2024.
