Indosuez completes acquisition of CIC's private banking business in S'pore, HK

Singapore

INDOSUEZ Wealth Management, the private banking arm of France's second-largest bank Credit Agricole, said on Monday that it has completed its acquisition of Credit Industriel et Commercial's (CIC) private banking business in Singapore and Hong Kong, having received approvals from the Singapore High Court and the Securities and Futures Commission of Hong Kong.

The acquisition, which was announced in July 2017, brings Indosuez's total assets under management (AUM) across the region to approximately 12 billion euros (S$19.2 billion).