Crédit Industriel et Commercial (CIC) enters into exclusive discussions with Indosuez Wealth Management to sell its private banking activities in Singapore and Hong Kong

Combining the CIC private banking business in Asia with that of Indosuez Wealth Management would provide the clients, staff and partners of this activity of CIC with opportunities to develop and grow under the ownership of a strong financial institution.

The transaction would bring together two successful private banking businesses with very similar cultures and values to create a broader and stronger footprint in Asia. The transaction would enable CIC’s Private Banking platform, staff and clients to build on the existing momentum to grow to the next level of development and broaden the existing offer of services.

CIC remains firmly committed to Asia and would focus on the further development and growth of its core Corporate Banking, Structured Finance and Institutional businesses in the Asia Pacific Region.

CIC will continue to foster its Corporate and Institutional businesses, building on the many opportunities it can see in the Asia Pacific region and be focused on the promising growth prospects. For that purpose, its branches in Asia will continue to benefit from the strength of the Crédit Mutuel CM11 group.

The transaction is expected to be finalised by the end of the year and is subject to both regulatory approvals and to customary employee consultation procedures in France.