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Indosuez may buy CIC’s wealth management unit

Indosuez Wealth Management, the private banking arm of French bank Credit Agricole is discussing with Credit Industriel et Commercial (CIC) to buy its private banking business in Singapore and Hong Kong. The acquisition would boost Indosuez Wealth Management’s private banking position in Asia as part of its ‘Shaping Indosuez 2020’ corporate project, which is part of the Credit Agricole Group’s medium-term plan. Both the entities are small players in Asia’s private banking industry and the acquisition will give Indosuez a higher profile in the competitive business.

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