Indosuez gains BNP Paribas wealth management clients in Monaco
The local BNP Paribas Group Wealth Management clientele will be acquired by Indosuez Wealth Management, a division of Crédit Agricole Group, as part of an agreement to increase its presence in Monaco.
CFM Indosuez, the group's long-established Monegasque entity, has struck a deal to take over BNP Paribas' Wealth Management client base in the Principality. The move will bolster Indosuez's already strong presence in the local market, where company has been operating since 1922.
In addition to acquiring the clients, Indosuez will form a strategic collaboration with BNP Paribas to provide long-term support to the latter's Wealth Management clients in Monaco. The transaction, subject to regulatory approval, is likely to close in the first half of 2026.
Moreover, the acquisition forms part of Indosuez's wider strategy to strengthen its presence among ultra-high net worth (UHNW) clients in Europe, particularly in a sector seeing increasing consolidation.
Jacques Prost, Chief Executive Officer of Indosuez Wealth Management stated: 'This acquisition would strengthen our position in Monaco with ultra-high net worth clients (UHNW). Indosuez is pursuing its growth strategy in a sector undergoing consolidation and is a major player in wealth management in Europe.'
For BNP Paribas clients in Monaco, the transition means continuity and improved services. CFM Indosuez will provide them with access to a wide range of banking and advising services. These include corporate finance, fund servicing and management, as well as global financing capabilities supported by Crédit Agricole.
Mathieu Ferragut, CEO of CFM Indosuez Wealth Management and Deputy CEO of Indosuez Wealth Management added: 'We are delighted to welcome the Wealth Management clients of BNP Paribas Group's Monaco subsidiary. This strengthens our position as Monaco's leading bank and number one employer. We will work together to make this acquisition a success for both clients and employees.'
BNP Paribas has defined the arrangement as part of a strategic restructuring of its Monaco business, with the goal of focusing on a single platform. While the group will leave the Wealth Management sector in the Principality, it will maintain a local presence through corporate, private, and retail banking services.
Françoise Puzenat, Head of Monaco at BNP Paribas shared: 'We are delighted with the agreement reached with CFM Indosuez, a recognised player in the market and with all the assets needed to ensure the best possible continuity of service for our clients and the employees who join them. The sale of the Wealth Management business in Monaco is part of our strategic decision to refocus our local activities on a single platform. BNP Paribas will continue to develop its domestic commercial banking business line in Monaco, which includes corporate banking, private banking and retail banking.'
The financial impact of the deal on Crédit Agricole S.A.'s Common Equity Tier 1 (CET1) capital ratio is expected to be minimal.
"Indosuez gains BNP Paribas wealth management clients in Monaco" was originally created and published by Private Banker International, a GlobalData owned brand.
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