INDOSUEZ Wealth Management has successfully completed the acquisition of Credit Industriel et Commercial’s (CIC) private banking operations in Singapore and the entire paid-up share capital of CIC Investors Services in Hong Kong, having received approvals from the Singapore High Court and the Securities and Futures Commission of Hong Kong.

The completion of the acquisition took effect at 11.59 pm (Singapore time) on Saturday, 2 December 2017.

The acquisition, which was announced on 13 July 2017, strengthens the bank’s presence in Asia and brings its total assets under management (AUM) across the region to approximately 12 billion euros (US$14.22 billion). Its current employee base in Asia also increases from 250 to more than 400 staff.

In addition to current product and services, the combined business will allow CIC clients to benefit from both Indosuez’s Hong Kong and global multi-booking centres as well as discretionary portfolio management, advisory mandates, private equity, wealth structuring and corporate solutions capabilities. With the acquisition of CIC, Indosuez will also add a 24-hour execution platform to its offering.

Paul de Leusse, chief executive officer of Indosuez Wealth Management, says, “The successful completion of the CIC transaction confirms the significant progress we are making on Shaping Indosuez 2020, the bank’s corporate project.”

Pierre Masclet, chief executive officer of Indosuez Wealth Management in Asia, says, “The acquisition of CIC’s operations in Hong Kong and Singapore marks an important milestone for the bank, paving the way for growth momentum and opportunities in Asia.”