RIO DE JANEIRO, BRAZIL – Safra Bank has signed an agreement to buy Crédit Agricole’s wealth management business in Brazil for an undisclosed amount. The French group had announced a few months ago that the operations of CA Indosuez Wealth Management Brasil DTVM were for sale.
The French group confirmed having signed an agreement on Saturday, April 24, after analyzing proposals for the unit. In Brazil, the group said it will continue to serve companies and investors through Crédit Agricole Brasil Bank.
“We are in a very positive moment. For Safra, this acquisition shows our vocation for the segment, our willingness to always seek new businesses to expand our operations,” said Silvio de Carvalho, Safra Bank’s president. According to him, the bank will incorporate the clients into its platforms immediately.
The operation is expected to be concluded in the second half of this year, subject to Brazilian authorities’ approval.
“We will continue to pursue our commitment to offer a relationship of excellence, taking care of everyone’s assets as if they were our own, as well as offering our entire diversified range of products and services,” declared Silvio de Carvalho.
He added that the Crédit Agricole DTVM employees will be absorbed into Safra’s staff.
Source: Valor