Credit Agricole buys Italy's Banca Leonardo
10 November, 2017
Credit Agricole announced last week it buys a controlling stake in Italy’s Banca Leonardo. Indosuez Wealth Management, a unit of the French bank, said it agreed to purchase 67.67% of Leonardo from a group of shareholders that include Exor and Eurazeo. Credit Agricole didn't disclose the price of the deal. Leonardo had €5.9bn of assets under management as of 30 June. The wealth manager said it might subsequently acquire a full 100% stake in the Italian bank.
The transaction comes as Italy, the third-largest economy in the euro zone, shows signs of emerging from an economic downturn, news wires noted. “The wealth management sector in Italy, which is expected to grow at a rate of four percent per annum, offers great opportunities for growth and innovation,” Indosuez Wealth Management Chief Executive Paul de Leusse said.
The Banca Leonardo takeover follows a similar deal earlier this year in which Indosuez Wealth Management bought the Singapore and Hong Kong private banking businesses of French rival Credit Industriel & Commercial (CIC). It also reinforces Credit Agricole’s position in Italy after the bank’s Amundi fund management division acquired Pioneer Investments from Italy’s Unicredit.