LCL and Crédit Agricole Assurances Complete Acquisition of Milleis Group
LCL and Crédit Agricole Assurances finalized on Thursday the joint acquisition of the Milleis Group from AnaCap fund. LCL acquired the entire group (Milleis Banque and its subsidiaries), and then immediately sold Milleis Vie to Crédit Agricole Assurances.
A Major Acquisition in French Private Banking
The transaction marks Milleis, the third largest independent private bank in France, as a strategic acquisition for LCL and Crédit Agricole Assurances. The acquired group serves 64,000 client families and manages 13 billion euros in assets, spread across 50 locations throughout France.
This completion concludes a process announced on July 24, 2025. The acquisition is part of the medium-term strategic plan ACT 2028 of Crédit Agricole S.A., and meets the development ambitions of both entities with wealth management clients.
The Milleis Group includes Milleis Private Bank, Cholet Dupont Oudart, and Cholet Dupont Asset Management. The brands and network will be retained after integration. The operation adds 700 employees to LCL.
Financial Goals and Structural Impacts
Bolstered by this acquisition, LCL aims to manage 100 billion euros in assets in its private banking business by 2030. This growth will leverage the expertise and client base inherited from Milleis.
Meanwhile, Crédit Agricole Assurances enhances the high-end positioning of its subsidiary Spirica by integrating Milleis Vie. The operation also expands its distribution channels and presence in the wealth management client segment.
The acquisition has a limited impact on the CET1 ratio of Crédit Agricole S.A., the parent company of the two acquiring groups, and remains in line with the return on investment goals of Crédit Agricole S.A.
