Crédit Agricole, the French banking giant, is reshaping its private banking business. The new structure will also have an impact on the Swiss unit.
Crédit Agricole, the 11th biggest bank, has a global wealth management network. Crédit Agricole Private Banking based in Geneva is one of the most important unit within this network and belongs to the top five of foreign banks in Switzerland.
The French bank now decided to reshuffle its business, a move that will bolster the Swiss unit's position within the company. The business in Europe, Middle East, Asia Pacific and the Americas will be integrated and operate under the same brand, Crédit Agricole said in a statement today.
Crédit Agricole's private banking is now called Indosuez Wealth Management.
140 Years of History
The name is supposed to evoke the bank's heritage, taking reference to two events in the 140 years of the bank's history: on the one hand, the Suez Canal was built in the 19th century with the financial help of Compagnie du Canal de Suez. And on the other, the French central bank in 1875 founded the Banque de l'Indochine in support of the colonial activities in South East Asia, or Indochina.
Indosuez Wealth Management has 110 billion euros in assets under management and employs 2,700 people. The Swiss business manages 43 billion francs alone.
Crédit Agricole appointed Jean-François Deroche as CEO of Indosuez Wealth Management. Deroche took charge of Crédit Agricole Suisse only a few days ago.
