November 7, 2017 / 6:18 AM / 4 months ago

Credit Agricole's Indosuez Wealth Management to buy Italy's Banca Leonardo

PARIS, Nov 7 (Reuters) - French bank Credit Agricole’s Indosuez Wealth Management has agreed to buy a majority stake in Italy’s Banca Leonardo, in a deal which it said would add a further 5.9 billion euros ($6.9 billion) to its assets under management.

Indosuez Wealth Management said on Tuesday it had reached an agreement with Banca Leonardo’s main shareholders - GBH S.p.A., Exor S.A., Eurazeo S.A., Swilux S.A., and Torreal S.A. - to buy 67.7 percent of Banca Leonardo.

The wealth manager added it may subsequently acquire a full 100 percent stake in the Italian bank.

“The wealth management sector in Italy, which is expected to grow at a rate of four per cent per annum, offers great opportunities for growth and innovation and we look forward to working with our new colleagues from Banca Leonardo to enhance our positioning and expand our business in Italy,” Indosuez Wealth Management Chief Executive Paul de Leusse said in a statement.

$1 = 0.8618 euros Reporting by Sudip Kar-Gupta; Editing by Amrutha Gayathri

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