The transaction is planned to be executed through Banco Santander International (BSI), part of Santander Private Banking
Santander Private Banking has agreed with Indosuez Wealth Management, a brand of Crédit Agricole group, to acquire the latter’s client assets and liabilities worth $4.3bn.
The transaction is planned to be executed through Banco Santander International (BSI), part of Santander Private Banking.
Closing of the transaction is anticipated by mid-2021, subject to regulatory approval and satisfaction of customary closing conditions.
Santander Private Banking is a business unit of Grupo Santander, dedicated to serve in the private banking segment.
Santander wealth management and insurance global head Víctor Matarranz said: “This transaction, which leverages our geographic presence and our capabilities as a leading financial group, is another step toward our goal of becoming the best global private banking platform.
“We want to keep growing our business – especially in geographies where we see major commercial potential like the US – and elevate our position as a growth engine for Grupo Santander.”
Indosuez is a wealth management brand of Crédit Agricole group, engaged in providing a customised approach for clients to build, manage, protect and pass on their wealth.
The company offers a wide range of services including expert advice and service for the management of both personal and business assets.
Indosuez has 3,060 employees in 13 locations around the world, across Europe, Asia-Pacific, the Middle East, and the Americas.
The wealth management firm has €128bn in assets under management, as of 31 December 2020.
Indosuez CEO Jacques Prost said: “Following approaches from a number of international bidders and after close evaluation, Santander’s proposal for the Miami business stood out to Indosuez thanks to the bank’s high quality, international operations with a strong reputation.
“We are confident that this is the right fit to meet the interests of our clients and our people in Miami, ensuring a smooth transition and building on Santander’s sizeable footprint and 42-year long experience in the region.
“Indosuez’s decision to leave the Miami market was carefully considered due to our longstanding presence in the region, but was made in line with Indosuez’s strategy of focusing and expanding its presence in its key markets.”