Groupe Milleis Acquired by LCL | Financial Services M&A Deal

LCL has completed the acquisition of Groupe Milleis, a banking business in France, for an undisclosed amount. LCL acquisitions bring together Milleis Banque and private banking and wealth management activities, including Milleis Vie, Cholet Dupont Oudart, and Cholet Dupont Asset Management, serving about 64,000 client families with €13 billion in assets under management. As part of the Groupe Milleis acquisition, LCL immediately sold Milleis Vie to Crédit Agricole Assurances, strengthening insurance distribution for the high-end wealth segment via Spirica. This add on acquisition is a strategic acquisition within financial services M&A, with the buyer type being strategic and the deal status closed, while preserving Milleis brands and network. Crédit Agricole S.A. ACT 2028 supports the investment case, with limited impact on the CET1 ratio of the group.