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 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.

The proposed deal continues a trend towards consolidation in Asia's wealth management industry. But industry observers told FinanceAsia's sister title AsianInvestor that the merged group would still remain short of...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222