Crédit Agricole’s corporate and investment bank and its wealth management unit are joining forces to create a new private investment banking division to target the ultra wealthy, France’s second-biggest bank said Monday.
Crédit Agricole CIB and Indosuez Wealth Management plan to combine the services of their senior investment bankers and private bankers to launch the new unit, which will focus on ultra-high net worth individuals and family holdings, the lender said.
The private investment banking division will also operate internationally, leveraging Crédit Agricole group’s global presence in more than 45 countries, the bank said.
Crédit Agricole CIB currently has approximately 8,400 staff members across Europe, the U.S., Asia-Pacific, the Middle East and Africa, while Indosuez Wealth Management has 3,160 employees in 13 global locations, with EUR 132.1 billion ($156.6 billion) in assets under management.
The French bank said this new initiative is “fully in line” with its efforts to assist family holdings and shareholders in executing their “long-term strategies.” The project was unveiled last year, as part of the bank’s medium-term plans.
The new division will be led by Silvia Calvello, who was named global head of private investment banking. Calvello was previously a senior banker for large French clients and large Italian clients, as well as the global head of the consumer goods, retail and business services sector at Crédit Agricole CIB.
“Ultra-high net worth individuals and family holdings stand out for their increasingly sophisticated expectations: our goal is to meet these expectations,” Calvello said. “Private Investment Banking aims at being a source of new ideas and opportunities to support family holdings in their development.”
Before joining Crédit Agricole CIB in 2003, Calvello served in the mergers and acquisitions department of the ENI group as portfolio analyst and project manager, as well as in the corporate finance department of UBS in London as the director of corporate finance, according to her LinkedIn page.
Pierre Masclet, deputy CEO of the Indosuez Wealth Management group, said, “This new division dedicated to family holdings adds a new dimension to the cooperation between Indosuez Wealth Management and Crédit Agricole CIB.”
“Family-owned companies have demonstrated their strength, resilience and forward-looking approach, even in a very uncertain environment,” Didier Gaffinel, global head of coverage and investment banking within Crédit Agricole CIB, added.