LCL and Crédit Agricole Assurances finalise the acquisition of Milleis Group and strengthen their wealth management strategy
LCL and Crédit Agricole Assurances today finalised the joint acquisition of Milleis Group from the investment fund AnaCap, thus marking the success of the project announced on July 24thn2025. LCL’s acquisition of the entire Milleis Group, comprising Milleis Banque and its subsidiaries Milleis Vie, Cholet Dupont Oudart and Cholet Dupont Asset Management, was immediately followed by LCL’s sale of the insurance company Milleis Vie to Crédit Agricole Assurances.
The acquisition of Milleis Group, France’s third-largest independent private bank, with 64,000 client families and 13 billion euros in assets under management, is fully in line with Crédit Agricole S.A.’s medium-term strategic plan ACT 2028 and illustrates the development ambitions of LCL and Crédit Agricole Assurances within the wealth management client segment.
Bolstered by the addition of Milleis, whose brands and distribution network will be preserved, LCL positions itself to achieve 100 billion euros in assets under management in private banking by 2030.
Meanwhile, Crédit Agricole Assurances reinforces the market position of its subsidiary Spirica, in the premium segment and expands its distribution channels through the integration of Milleis Vie.
In line with Crédit Agricole S.A.’s return on investment objectives, this transaction has a limited impact on the CET1 ratio of Crédit Agricole S.A., the parent company of Crédit AgricoleAssurances and LCL.
“This acquisition enables LCL to strengthen its position in the wealth management client market in France. This transaction makes perfect sense: it is fully consistent with the objectives of Crédit Agricole S.A.’s medium-term strategic plan, ACT 2028, and illustrates our shared ambition for growth and value creation. I welcome the 700 employees of Milleis Group who are joining us. Together, we will offer our clients an increasingly broad and innovative range of wealth management expertise and solutions.” Serge Magdeleine, Chief Executive Officer of LCL
“With the acquisition of Milleis Vie, Crédit Agricole Assurances continues its life insurance development strategy for the wealth management client segment. This transaction is fully in line with the growth and value creation trajectory driven by ACT 2028, Crédit Agricole S.A.’s strategic plan. Crédit Agricole Assurances will leverage Spirica’s expertise and the complementarity of its savings and retirement solutions to support Milleis Group’s clients over the long term.” Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances
“Now part of LCL, Milleis will accelerate its development and continue to capitalise on its wealth management culture, its agility and the quality of its client relationships.” Nicolas Hubert, Chief Executive Officer of Milleis Banque
“We are pleased to announce the completion of the sale of the Milleis Group following receipt of all regulatory approvals. During our partnership, Milleis grew to 13 billion euros in assets under management, becoming the third-largest independent private bank in France, supported bby a highly talented team. We wish the Milleis Group, its employees, LCL and Crédit Agricole Assurances every success in the next phase of its growth.” Nassim Cherchali, Managing Partner at AnaCap.