Santander Private Banking has reached an agreement with Indosuez Wealth Management –the global wealth management brand of Crédit Agricole group– to purchase 4.3 billion dollars in client assets and liabilities. The firm has announced in a press release that the transaction is subject to regulatory approval and is expected to close by midyear 2021.
“This transaction, which leverages our geographic presence and our capabilities as a leading financial group, is another step toward our goal of becoming the best global private banking platform. We want to keep growing our business –especially in geographies where we see major commercial potential like the US– and elevate our position as a growth engine for Grupo Santander”, said the Global Head of Santander Wealth Management & Insurance, Víctor Matarranz.
Meanwhile, Jacques Prost, CEO at Indosuez, commented that, after close evaluation of a number of international bidders, Santander’s proposal for the Miami business stood out to Indosuez thanks to the bank’s high quality and strong reputation.
“We are confident that this is the right fit to meet the interests of our clients and our people in Miami, ensuring a smooth transition and building on Santander’s sizeable footprint and 42-year long experience in the region. Indosuez’s decision to leave the Miami market was carefully considered due to our longstanding presence in the region, but was made in line with Indosuez’s strategy of focusing and expanding its presence in its key markets”, he added.
Santander US CEO Tim Wennes also assessed the acquisition, pointing out that it is part of the growth strategy for Santander US, which includes organic and inorganic opportunities. “I am confident that the team will provide world-class services to our new clients from Indosuez”, he said.
The bank has explained that the transaction will be executed through Banco Santander International (BSI), part of Santander Private Banking, Grupo Santander’s business unit dedicated to the private banking segment. Santander Private Banking manages a volume of 230 billion euros in customer assets and liabilities. BSI is a wholly owned subsidiary of Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S.
For Funds Society, Madrid