Crdit Agricole S.A. and Achmea Bank Holding N.V. have reached an agreement over the transfer of Achmea’s Luxembourg-based securities services and private banking activities.
Achmea’s Luxembourg-based custody and fund administration services as well as the private banking activities, all carried out by Banque Colbert (Luxembourg) S.A., will be transferred to the Luxembourg entities of Crdit Agricole S.A.
Custody and fund administration services will be integrated into Crdit Agricole Investor Services Bank Luxembourg by the closing date of October 31, 2005. The private banking activities will be taken on by Crdit Agricole Luxembourg (Private Bank), and Crdit Agricole Luxembourg Conseil will take over the financial engineering and the domiciliation of companies. In total, the operation will involve the integration of some 53 staff into the three Crdit Agricole entities.
Henny te Beest, board member of Achmea Bank Holding N.V. indicated that the sale of their fund business and private banking activity in Luxembourg was a strategic decision driven by the desire for greater focus on insurance activity, seen as their core business. “Our decision to withdraw from these activities in Luxembourg,” he said, “will allow us to concentrate our efforts on providing augmented products and services within our insurance operations.”
Charles Hamer, managing director of Crdit Agricole Luxembourg Private Bank said, “We are confident that the clientele will appreciate the continuity of service and the high quality of the offer of our Bank regarding Asset Management and of our subsidiary Crdit Agricole Luxembourg Conseil regarding financial engineering and domiciliation of companies.”
Crdit Agricole Investor Services Bank Luxembourg’s Managing Director Guillaume Fromont said that, “The acquisition of the custody and fund administration services fits well with our international development strategy which is driven both by acquisitions and partnership agreements.”