Degroof Petercam sees many new opportunities for international cooperation following its takeover by the French Indosuez, said CEO Sylvie Huret in an interview with Investment Officer. Not only within Indosuez, but in the wider ecosystem of parent group Crédit Agricole, which also includes fund giant Amundi.
It has already been more than two years since the news broke that Degroof Petercam, the Belgian wealth bank long committed to independence, would become part of Indosuez Wealth Management, a subsidiary of French banking giant Crédit Agricole. In June 2024 the takeover was finalized, and the teams could begin the actual legal and operational integration. The experienced Sylvie Huret (Wilrijk, 1966), who at the time oversaw the Belgian merger between Bank Degroof and Petercam, was appointed CEO of Degroof Petercam at the end of 2024 to complete the integration. Now that the heavy work is largely behind them, she takes stock.
To embed Degroof Petercam into Indosuez, fourteen different integration projects were launched in France, Luxembourg and Belgium, mobilizing 400 employees. How difficult was that?
Sylvie Huret: “It is important to keep in mind that Degroof Petercam represents, by several measures, a third of the new Indosuez. So this is also a highly transformative project for Indosuez. The integration is now largely complete. Perhaps surprisingly—also for me—the corporate cultures in Belgium and France turned out to be very similar. As a result, the merger process over the past twelve months actually went smoothly.”
“Degroof Petercam is now very clearly positioned as the Belgian entity of Indosuez and forms the group’s first market: our former French and Luxembourg operations have been integrated elsewhere in the group, while the former Belgian branch of Indosuez has joined us.”
The old Degroof Petercam relied on four pillars: the private bank, fund house DPAM, investment banking and asset services. Will that remain?
“Our historical Belgian activities will continue. That means: wealth management, DPAM and investment banking with its two components, corporate finance and capital markets. Asset servicing was a Luxembourg activity and will now be offered via our Luxembourg colleagues. The Degroof Petercam brand has disappeared there, but obviously remains in Belgium. It would be unthinkable to discard it here.”
What advantages does the merger bring for Belgian clients?
“One is a broader service offering. An example is active advisory, a specialty of Indosuez. In Belgium there are few private banks that offer this. It involves advice for Mifid Pro clients who want proactive advice on structured products, derivatives, and so forth. Another example is private assets. In addition to our existing offering, we can now also present Indosuez products with other strategies and semi-liquid structures. In terms of loans, we can now approve larger tickets, since Indosuez’ balance sheet is of course much bigger, and we can offer new services such as commercial real estate.”
“Beyond that broader offering, the international network of Indosuez in fifteen countries is a new asset. Our clients are internationalizing, with children studying abroad or second homes in countries such as Portugal, Italy or Spain. If a client relocates, we can now immediately call on our sister banks. Indosuez, for example, recently expanded in Monaco with the acquisition of a client portfolio from BNP Paribas.”
“I see our new offering on three levels: the historical activities of Degroof Petercam, the broadening thanks to Indosuez, and finally an extra layer via Crédit Agricole, Indosuez’ parent group and the world’s tenth-largest bank by total assets.”
What collaborations do you foresee?
“The next step is further cooperation with sister companies within Indosuez. For example with our Swiss colleagues, who recently acquired bank Thaler—an institution with Benelux roots. In addition, there are also opportunities with Crédit Agricole entities. Crédit Agricole has a strong presence in northern France bordering Belgium. Discussions are ongoing with CA Nord de France, as well as with LCL, another Crédit Agricole bank.”
Amundi, Europe’s largest asset manager, also belongs to Crédit Agricole. Will your fund house DPAM collaborate with it?
“Absolutely. DPAM, with its strong track record, was one of the reasons Indosuez was so interested in us. DPAM’s pioneering role in the ESG story can now be rolled out more broadly across Indosuez. Indosuez also has its own funds, so the range will be harmonized. Peter De Coensel, CEO of DPAM, is taking on a group responsibility within Indosuez for this purpose.”
“Other Degroof Petercam directors have also taken up group functions. That is of course motivating for Belgian staff and proof that the integration is a co-construction. It is not the case that Paris decides everything. Without naming names, other French acquisitions of Belgian banks have gone differently.”
But back to Amundi and Crédit Agricole.
“What we have discovered: Crédit Agricole, with its cooperative background, operates in a very decentralized way and gives all entities broad autonomy—I won’t say independence—to explore possible collaborations. There is no obligation. If it works, all the better. If not, an entity can look beyond the group.”
“So DPAM does not have to collaborate with Amundi, but we already see some interesting joint projects in product development. Amundi has a very strong ETF platform. We are looking at how DPAM’s portfolio management expertise can be combined with Amundi’s capacity to manufacture ETFs—the back office, so to speak.”
On golf and wealth management
In Degroof Petercam’s social media campaign, CEO Sylvie Huret personally appears alongside golf talent Adrien Dumont de Chassart. She saw many similarities between the sport and the world of wealth management. “Golf requires humility, because there are good and bad days. The same goes for wealth management, where overconfidence is best avoided. The sport also requires strategy and self-control. And just like in wealth management, the focus is on the long term: you don’t become good at golf overnight, it takes experience and perseverance. What also appeals to me is the courtesy and etiquette in golf.”
The newly shaped Degroof Petercam manages 66 billion euro in assets in 2024, you recently announced, compared to 80 billion euro under the old scope (with France and Luxembourg). Will that 66 billion euro now be the benchmark for success?
“Growth of our assets under management is of course a strategic objective and we will do everything we can to achieve it. But you should know that the success of our activities is not always assets-related. Consider the deals in corporate finance or the purchases of private equity, whose valuations are not immediately visible. These can also be success stories, without assets under management increasing.”
The big banks, with Belfius recently, are going on the offensive in private banking and wealth management. What can Degroof Petercam offer in return?
“Our house has a history of 150 years. And coincidentally: so do Indosuez and Crédit Agricole. Our network with Belgium’s major business families, built up over time, remains unique. Our offering is also unique thanks to our integrated model, in which we can advise on both the family’s personal wealth and the company’s assets. I am confident about our future. And a bit of competition is always healthy.”
On the rise of women
More and more private banks in Belgium are being led by women. Gender equality is also an important theme for Huret, who will soon give a lecture on the subject. “What is already encouraging: the gender ratio on the Degroof Petercam executive committee is 50-50, and at Indosuez 52-48. I am not saying men cannot have soft skills, but I have always experienced it as a plus when there is balance. Indosuez CEO Jacques Prost is also a strong supporter of gender balance in the group’s governance.”