Indosuez Wealth Management Group has reached an agreement to acquire a majority shareholding in Degroof Petercam, the Belgium-based wealth manager.
Indosuez did not disclose the amount it would pay for the stake.
It said that the CLdN group, Degroof Petercam’s main shareholder, would retain a 20% stake in the wealth manager.
Indosuez said that the acquisition would create a pan-European leader in wealth management. It also said that it would increase its expertise in a number of areas including ESG.
“We are delighted to have reached this agreement with the shareholders of Degroof Petercam, a longstanding leader in wealth management. This proposed alliance will be an important step in our development in Europe, in line with our strategic plan and will make Belgium our second domestic market. We look forward to working with the Degroof Petercam team,” said Jacques Prost, chief executive officer of Indosuez Wealth Management.
“The proposed alliance with Indosuez Wealth Management will provide us with a stable shareholder, backed by a leading global player. It is also a solid strategic partner who will support the Degroof Petercam brand and who knows our activities inside out. This project will enable us to benefit from the strength of an organisation such as the Indosuez Group, while retaining our agility and entrepreneurial spirit in the interests of our clients,” said Hugo Lasat, CEO of Degroof Petercam.
Indosuez said the acquisition was still subject to regulatory approval and would most likely be completed next year.
It also said as part of the deal, it would sign a long-term partnership agreement with CLdn, which would include “liquidity mechanisms”.
It also said that following the acquisition of a majority shareholding, it would launch a voluntary tender offer with Degroof Petercam’s minority shareholders.
