Benzinga | Mar 16, 2021 08:17AM EDT

Santander Private Banking To Acquire Indosuez Wealth Management Business To Miami For $4.3B

Santander Private Banking to Acquire Indosuez Wealth Management Business in Miami

* As part of the agreement, Santander Private Banking plans to purchase $4.3 billion in client assets and liabilities with related staff from Indosuez Wealth Management.

* The transaction is projected to close by the end of the first half of 2021.

Santander Private Banking today announced that it has reached an agreement with Indosuez Wealth Management ("Indosuez") -- the global wealth management brand of Cr?dit Agricole group -- to purchase $4.3 billion in client assets and liabilities. The transaction is subject to regulatory approval and satisfaction of customary closing conditions, and is expected to close by midyear 2021.

Santander Wealth Management & Insurance Global Head V?ctor Matarranz said, "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."

Indosuez CEO Jacques Prost commented, "Following approaches from a number of international bidders and after close evaluation, Santander's proposal for the Miami business stood out to Indosuez thanks to the bank's high quality, international operations with a 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."

Santander US CEO Tim Wennes said, "This acquisition is part of the growth strategy for Santander US, which includes organic and inorganic opportunities, and I am confident that the team will provide world-class services to our new clients from Indosuez."

The deal 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 EUR 230 billion 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.

Headquartered in Miami since 1979, BSI also has offices in Houston, San Diego and New York. Today, a team of over 500 employees offer holistic private banking and investment services to high-net-worth clients. Euromoney Magazine has recognized Santander Private Banking as the best Private Bank in several of its core markets, rewarding its commitment to becoming the best responsible Wealth Manager in Europe and the Americas.

Our mission is to help people and businesses prosper. We seek to establish a strong relationship based on trust with each client, providing personalized solutions to meet their individual financial needs. To do so, we rely on state-of-the-art proprietary technology and the expertise of our professionals.

For more information please visit www.santander.com.