Bank Degroof Petercam has conditionally nominated Jacques Prost, CEO of Indosuez Wealth Management, to its board of directors, as part of Indosuez’s move to become Degroof Petercam’s majority shareholder.

Prost has been put forward “as a future non-executive director of Bank Degroof Petercam, subject to the approval of the transaction by the regulatory authorities,” the bank , as part of its annual financial results announcement, on 8 May 2024.

Indosuez said it would buy an 80% stake in Degroof Petercam for an undisclosed sum. (CLDN, a Belgian-Luxembourg logistics group that currently is a minority shareholder, will raise its stake to 20%.) In a to shareholders published in December, Degroof Petercam said completion of the deal is “expected to occur in the second quarter of 2024.”

Bank Degroof Petercam is active in private banking, asset management, asset services and investment banking. At the end of last year, it employed 1,500 staff worldwide, including roughly 410 in Luxembourg. It posted a net profit of €56.3m in 2023, down from €76.4m in 2022, and total net revenues of €579m in 2023, up from €559m the year prior. Total net client assets were €74.3bn at the end of 2023, compared to €71.1bn at the end of 2022.

Indosuez Wealth Management is part of the Crédit Agricole banking group, employing around 3,000 staff worldwide, including 360 full-time equivalent employees in Luxembourg as of 31 December 2022. It posted total banking income of €327m in 2022, up from €192m in 2021. It had €130bn in assets under management as of 31 December 2022.

Prost has been CEO of Indosuez Wealth Management since June 2018, previously serving as deputy CEO of Crédit Agricole Corporate and Investment Bank. He joined the Crédit Agricole group in 2000, after earlier posts with Banque Paribas and Crédit Lyonnais.

Shareholders will vote on the nomination during the bank’s annual general meeting on 28 May 2024.