Banque Degroof Petercam to Sell to Indosuez Wealth Management for €1.55 Billion

Cleary Gottlieb is representing Banque Degroof Petercam SA/NV (BDP) in its proposed sale, announced on August 4, 2023, to Indosuez Wealth Management, an entity of the Crédit Agricole group, for €1.55 billion (before certain adjustments including a ticker fee).

The transaction takes the form of a private sale of a 61.65% stake (in voting shares) from certain reference shareholders, to be followed, after closing, by a voluntary tender offer for the shares held by minority shareholders. Closing is subject to customary approvals and is expected on or about end of H1 2024.

BDP is a leading independent bank whose activities are centered around private banking, asset management, asset services, and investment banking; it has €71 billion in assets under management. Indosuez Wealth Management is the private banking brand of the Crédit Agricole group and has €130 billion assets under management. The combination will create a leader in European wealth management.

The transaction is one of the most significant M&A transactions in the financial services sector in Europe in 2023.

For more information, please see the press release here.