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Credit Agricole Unit Agrees to buy Italy Wealth Manager Leonardo

credit-agricol

14/11/2017

Bloomberg

Credit Agricole SA agreed to buy a controlling stake in Italian wealth manager Banca Leonardo and will make an offer for the rest of the company.

Indosuez Wealth Management, a unit of the French bank, agreed to purchase 67.67 percent of Leonardo from a group of shareholders that include Exor SA and Eurazeo SA, Credit Agricole said in a statement on Tuesday without disclosing the price. Leonardo had 5.9 billion euros ($6.84 billion) of assets under management as of June 30.

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