PARIS (dpa-AFX) - French banking company Credit Agricole SA (CRARF.PK,
CDA.L, ACA.PA) announced Tuesday that its unit Indosuez Wealth Management has
finalised the acquisition of Bank Degroof Petercam. The financial terms of the
deal were not released.

With the deal, Indosuez becomes majority shareholder of Degroof alongside its
historical shareholder CLdN Cobelfret.

Credit Agricole said the impact of the deal on its CET1 ratio will amount to
around 30 basis points. This transaction is expected to generate additional net
income group share after synergies of 150 million euros to 200 million euros by
2028.

CA Indosuez now controls 65% of the capital of Bank Degroof Petercam alongside
CLdN Cobelfret, which holds nearly 20% of the capital.

CA Indosuez will shortly submit a filing with the Belgian financial services and
markets authority or FSMA with the intention of launching a voluntary public
takeover bid for the shares held by the minority shareholders of Bank Degroof
Petercam.

The acquisition has obtained the required approvals from the banking and
competition authorities.

Degroof Petercam teams will join forces with Indosuez, creating a European
wealth management firm. Credit Agricole said the acquisition strengthens its
presence in Belgium and will generate significant synergies with its various
business lines.

Jacques Prost, Chief Executive Officer of the Indosuez group, said, 'This
acquisition is a transformative and exciting project that reshapes our scope and
establishes a European leader in wealth management. It enhances our value
proposition with one of the most comprehensive offerings in the market for all
our wealthy private clients and families, entrepreneurs and professional
investors. It allows us to generate significant synergies with the different
activities of the Crédit Agricole Group.'



Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX