Indosuez Wealth Management in talks to buy CIC's private banking business in S'pore, HK
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INDOSUEZ Wealth Management, the private banking arm of Credit Agricole, France's second-largest bank, is in exclusive talks with Credit Industriel et Commercial (CIC) to buy its private banking business in Singapore and Hong Kong.
The acquisition would boost Indosuez Wealth Management's private banking position in Asia and is in line with its strategy to accelerate growth in key markets, as part of its "Shaping Indosuez 2020" corporate project, which in turn is a component of Credit Agricole Group's medium-term plan, it said on Friday.
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