LCL and Crédit Agricole Assurances have announced the completion of the acquisition of the Milleis group, marking a new strategic step in the development of the Crédit Agricole group in the wealth management segment.
The transaction involves LCL's full acquisition of Milleis, immediately followed by the sale of its insurance subsidiary, Milleis Vie, to Crédit Agricole Assurances. The Milleis group includes Milleis Banque Privée as well as several specialized entities, including Cholet Dupont Oudart and Cholet Dupont Asset Management.
With this transaction, LCL acquires the third largest independent private bank in France, which serves approximately 64,000 client families and manages nearly €13 billion in assets. This acquisition is part of Crédit Agricole SA's ACT 2028 strategic plan, which aims to strengthen its presence among high-net-worth clients.
A strategic operation to strengthen the high-end market
For LCL, the integration of Milleis, whose brands and network will be retained, should allow it to consolidate its position in this segment. The bank has set an ambitious goal: to reach €100 billion in assets under management by 2030.
For its part, Crédit Agricole Assurances is strengthening its premium offering with the acquisition of Milleis Vie, which will complement the activities of its subsidiary Spirica. The objective is to expand its distribution channels while consolidating its presence in the wealth management insurance market.
Presented as a value-creating operation, this transaction aims to support the group's growth while meeting its profitability requirements. It also illustrates Crédit Agricole's commitment to establishing a long-term presence in the most profitable segments of wealth management.
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