Indosuez and CIC join WM consolidation trend

Credit Agricole's private bank in talks to buy CIC's Hong Kong and Singapore wealth business, but industry observers say merged operation may itself become a takeover target.

Indosuez and CIC join WM consolidation trend

Indosuez Wealth Management is continuing the trend towards consolidation in Asia's wealth management industry, entering talks to buy the Asian private bank of Credit Industriel et Commercial CIC.

Indosuez said on Friday that it had started exclusive discussions with rival French bank CIC to acquire the latter’s wealth businesses in Singapore and Hong Kong. The transaction is expected to be finalised by the end of the year, added Indosuez in a statement.

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