Globenewswire·2025-07-24 15:49Core Viewpoint - LCL and Crédit Agricole Assurances are entering exclusive negotiations with AnaCap for the joint acquisition of Milleis Group, a significant player in private banking and wealth management in France [1][2]. Group 1: Acquisition Details - The acquisition involves LCL purchasing the entire Milleis Group, which includes Milleis Banque and its subsidiaries Milleis Vie and Cholet Dupont Oudart, followed by the sale of Milleis Vie to Crédit Agricole Assurances [2]. - The transaction is expected to be completed in the first half of 2026, pending employee consultations and regulatory approvals [4]. Group 2: Strategic Implications - This acquisition will enhance LCL's position in the French wealth management market and create synergies [3]. - Crédit Agricole Assurances aims to strengthen its subsidiary Spirica's positioning in the high net worth segment and expand its distribution channels [3]. Group 3: Financial Impact - The transaction aligns with the Group's return on investment objectives, with a limited impact on the CET1 ratio of Crédit Agricole S.A., the parent company of both Crédit Agricole Assurances and LCL [5]. Group 4: Company Backgrounds - LCL is one of the largest retail banks in France, serving 6 million individual clients, including 220,000 private banking clients, and operates 1,400 branches [6]. - Crédit Agricole Assurances is France's leading insurer, offering a wide range of insurance products and services, distributed through Crédit Agricole's banks in France and internationally [7]. - Milleis Group manages €12.6 billion in assets and generated €150 million in net banking income in 2024, employing nearly 700 people [8].