Credit Agricole's Indosuez Buys Asia Private Banking Units

By Nathan Allen Features Dow Jones Newswires

Credit Agricole SA (ACA.FR) said on Monday that its wealth management subsidiary has completed the acquisition of Credit Industriel et Commercial's private banking operations in Singapore and Hong Kong.

Continue Reading Below

The takeover by Indosuez Wealth Management, which was first announced in July, will bring the company's total assets under management in Asia to about 12 billion euros ($14.27 billion), Credit Agricole said.

Credit Agricole didn't disclose a purchase price and said that the acquisition's overall impact on the group's common equity tier 1 ratio will be less than two basis points.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

December 04, 2017 01:35 ET (06:35 GMT)