The year 2024 was a year of further consolidation in the Belgian private banking market. Many are eager to see what room for manoeuvre Degroof Petercam will have under its new French owner, Indosuez.
The past year was marked by a flurry of merger and acquisition news in Belgium. In the spring, Dutch player Van Lanschot Kempen completed two acquisitions in Belgium, Accuro and Mercier Vanderlinden. All Belgian investment advisory services are now grouped under the newly formed combination Mercier Van Lanschot.
This was followed by a busy summer. Delen Private Bank successfully acquired fellow Antwerp-based Dierickx Leys. Meanwhile, Belgium’s oldest bank, Nagelmackers, which had experienced a tumultuous period under its Chinese owner, was acquired by the French regional bank La Caisse d’Epargne Hauts de France.
However, the most transformative deal was the acquisition of Degroof Petercam by Indosuez Wealth Management, part of the French banking giant Crédit Agricole. This long-anticipated transaction was finalised this year.
The once-cherished ambition of establishing a large, independent Belgian private bank of European stature—initially the motivation behind the merger of the two Brussels-based institutions Petercam and Bank Degroof to form Degroof Petercam—has now been definitively set aside. With the added strength of Degroof Petercam, it is now French-owned Indosuez that can compete in the Champions League of private banking, with Belgium as its largest market in terms of client assets.
Just before the Christmas break, the merger brought a striking change in leadership. CEO Hugo Lasat is leaving the company after 14 years and will be succeeded by Sylvie Huret, who is being promoted. Huret, an Antwerp native, will be joined by Frenchman Jean-Christophe Droguet, currently head of audit at the Indosuez group and someone with a distinctly financial-technical profile, as vice-CEO. The duo’s mission, according to the new French owner, is to ensure the “optimal integration of the Bank into the Indosuez group.”
Belgium and France
The step-by-step integration process is accompanied by a carefully crafted communication strategy. In Belgium, a French acquirer can sometimes stir sensitivities among clients and employees, as shown by historical examples like the acquisition of Electrabel by Engie’s predecessor (energy), GB by Carrefour (supermarkets), and Fortis Bank Belgium by BNP Paribas (banking).
Sabine Caudron, head of private banking at Degroof Petercam, emphasised on the bank’s website that decision-making will remain Belgian. “We are even strengthening our presence in Belgium through the integration of the four Belgian offices of Indosuez Wealth Management.”
Indosuez, on its part, has assured that the Degroof Petercam brand will be retained and pointed to Crédit Agricole’s decentralised management culture. Droguet, meanwhile, is relocating to Brussels and has promised to learn some Dutch.
The next major event will be Degroof Petercam’s general shareholders’ meeting in May 2025. Not only will Droguet be officially appointed as vice-CEO, but a successor will also be named for Gilles Samyn (formerly the right-hand man of tycoon Albert Frère) as chairman of the board of directors.