CFM Indosuez scoops up BNP Paribas’ wealthy clients in Monaco
CFM Indosuez has been operating on the Monegasque market since 1922 © CFM Indosuez
The Principality’s leading bank, a subsidiary of the Crédit Agricole group, is preparing to absorb assets under management worth two billion euros from its French competitor.
The announcement came yesterday: CFM Indosuez, the Monegasque subsidiary of Indosuez Wealth Management, has signed an agreement to acquire the Wealth Management clients of the Monegasque branch of BNP Paribas. It is a strategic move that confirms the bank’s momentum, as Mathieu Ferragut reminded us in our recent article about its commitment to the blue economy. The CEO of CFM Indosuez, who took the reins in December 2018 after developing Indosuez Wealth Group’s activities in the Americas since 2013, sees the acquisition as an opportunity to further consolidate their dominant position. On LinkedIn, the CEO also emphasised the human dimension of the transaction: “We look forward to welcoming the talented employees of Group BNP Paribas Wealth Management in Monaco who will be joining us in the Indosuez family.”
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Signficant restructuring in the industry
A CFM Indosuez representative told the AFP that the scope of the proposed acquisition involves “two billion euros in assets under management”. This financial windfall will enable the bank to consolidate its central position in the Monegasque market, where it has been active since 1922. A commercial partnership agreement with BNP Paribas guarantees continuity of service for transferred customers.
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“Indosuez is pursuing its growth strategy in a sector that is undergoing major consolidation, and has established itself as a major player in wealth management in Europe,” explains Jacques Prost, Managing Director of Indosuez Wealth Management. BNP Paribas sees the sale as part of a refocusing strategy. “The sale of the Wealth Management business in Monaco is part of our strategic decision to refocus our local activities on a single platform,” says Françoise Puzenat, Monaco director at BNP Paribas.
Completion of the transaction remains subject to the approval of the supervisory authorities and is expected to take place during the first half of 2026, with a limited impact on Crédit Agricole’s capital ratio.