On 1 July, Crédit Agricole Indosuez Luxembourg and Crédit Lyonnais Luxembourg, which have been operating in the Grand Duchy for many years, merged to create Crédit Agricole Luxembourg, the Crédit Agricole Group's international private bank within the European Union. The new entity trades under the name Crédit Agricole Luxembourg Private Bank.

Also as of that date, the financial engineering and wealth management activities that Crédit Agricole Indosuez Conseil and Crédit Lyonnais Management Services have developed in Luxembourg were merged into Crédit Agricole Luxembourg Conseil, a wholly-owned subsidiary of Crédit Agricole Luxembourg.

These two mergers are the culmination of a process initiated 18 months ago within the Crédit Agricole Group's private banking business line, whose international scope encompasses mainly Crédit Agricole Suisse S.A. and Crédit Foncier de Monaco in addition to Crédit Agricole Luxembourg.

Crédit Agricole Luxembourg's ambition is to strengthen its presence in the European Union by developing a comprehensive range of wealth management advisory services for European customers underpinned by its combined expertise in asset management and in financial engineering and wealth management.

The new entity, which is centred on private banking, is now one of the major operators in the market with over 10 billion euros in assets under management.