Credit Agricole's Indosuez Buys Asia Private Banking Units
December 04 2017 - 1:50AM
Dow Jones News
By Nathan Allen
Credit Agricole SA (ACA.FR) said on Monday that its wealth
management subsidiary has completed the acquisition of Credit
Industriel et Commercial's private banking operations in Singapore
and Hong Kong.
The takeover by Indosuez Wealth Management, which was first
announced in July, will bring the company's total assets under
management in Asia to about 12 billion euros ($14.27 billion),
Credit Agricole said.
Credit Agricole didn't disclose a purchase price and said that
the acquisition's overall impact on the group's common equity tier
1 ratio will be less than two basis points.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
December 04, 2017 01:35 ET (06:35 GMT)
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