LUXEMBOURG – Achmea has signed an agreement with Crédit Agricole on the transfer of the Dutch firm’s Luxembourg-based securities services activities.
The move involves more than 50 staff. Financial terms were not disclosed.
They signed a deal in June under which Achmea’s Luxembourg-based custody and fund administration services as well as the private banking activities, carried out by Banque Colbert (Luxembourg), would be transferred to the French bank.
Custody and fund administration services will be integrated into Crédit Agricole Investor Services Bank Luxembourg by October 31
“In total, the operation will involve the integration of some 53 staff into the three Crédit Agricole entities,” a statement said.
“Our decision to withdraw from these activities in Luxembourg will allow us to concentrate our efforts on providing augmented products and services within our insurance operations,” said Achmea board member Henny te Beest.
“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 Crédit Agricole Luxembourg Conseil regarding financial engineering and domiciliation of companies,” added
Charles Hamer, managing director of Crédit Agricole Luxembourg Private Bank.
The bank added the move fitted with its international development strategy which is driven both by acquisitions and partnerships.