Degroof Petercam, once a pillar of Belgian finance, has now been fully absorbed into the Indosuez group in Luxembourg, marking the end of its independent operations in the Grand Duchy.
Indosuez Wealth Management, part of France’s Crédit Agricole group, on Tuesday said it completed the integration of Degroof Petercam’s Luxembourg operations on July 4. The move formalizes the final stage of a complex and, at times, turbulent transition that began under regulatory scrutiny in both Luxembourg and Belgium.
With the integration finalized, Indosuez has appointed a new executive leadership team. Effective July 7, the five-member board is led by Carcy and includes Vincent Manuel, as deputy managing director for development; Andras Takacs deputy managing director for operations; Nadia Mokadem, head of human resources (pending regulatory approval); and Steven Ameye, chief financial officer (also pending approval).
Regulatory pressure and exit
Degroof Petercam, created in 2015 from the merger of two venerable Belgian firms, faced mounting regulatory challenges in recent years. In 2022, Luxembourg’s financial regulator, the CSSF, imposed a 1.56 million euro fine on the firm for failing to meet professional obligations under anti-money laundering rules, one of the highest sanctions in the authority’s history. Belgium’s central bank also increased its oversight, citing concerns about internal governance and compliance.
Although still profitable, with net income of 56.3 million euros in 2023 despite one-off transaction costs, Degroof Petercam’s position had weakened. The bank’s family shareholders began looking for a buyer, culminating in the 1.55 billion euro sale of a controlling stake to Indosuez in mid-2024.
The European Commission cleared the transaction in December, citing no significant competition concerns. Indosuez, managing 135 billion euros in client assets, and Degroof Petercam, with 74 billion euros, were seen as complementary players in the European wealth management sector.
French integration, Belgian farewell
The integration of Degroof Petercam’s Luxembourg business into Indosuez completes the operational transition of the firm in the Grand Duchy. It follows the rebranding of Degroof Petercam Asset Services (DPAS), which served more than seventy clients across thirteen countries, as CA Indosuez Fund Solutions. Core functions such as fund administration and custody are now being transferred to Caceis, the asset servicer jointly owned by Crédit Agricole and Santander.
Degroof Petercam continues to operate as a subsidiary within the Indosuez group, primarily in Belgium, but its independent presence in Luxembourg has effectively ended. The transition marks the quiet sunset of a long-held ambition among Belgian banking families to build an autonomous cross-border wealth group headquartered in Brussels and Luxembourg.
“This integration reflects our ambition: to provide our clients with service excellence based on the strength of a leading international group, recognised local expertise, and long-term trusted relationships,” stated Olivier Carcy, chief executive of Indosuez Wealth Management Europe and senior country officer for Crédit Agricole in Luxembourg.
“By leveraging a shared vision and enhanced expertise, we are creating even greater value for our clients and employees. I would like to extend my heartfelt thanks to all the teams who have worked tirelessly over the past months to make this integration a success.”
Carcy, who joined Indosuez’s European leadership in 2022, has called the deal a turning point. With more than 200 billion euros in assets and 4,500 employees across sixteen markets, the enlarged group now positions itself as a leading consolidator in European wealth management.
“We’ve changed category,” he said in an interview published on the firm’s website last year. “Belgium is now our biggest market, and Luxembourg is our strategic hub.”
Related articles on Investment Officer:
- Degroof Petercam takeover gets green light in Brussels
- CSSF fines Degroof Petercam €1.56 mln for ‘deficiencies’
- CA’s Indosuez agrees to take control of Degroof Petercam