Crédit Agricole Buys Milleis in Major Wealth Management Shake-Up

PARIS, FRANCE – April 30, 2026 – In a decisive move set to reshape the French financial services landscape, LCL and Crédit Agricole Assurances today announced the finalization of their joint acquisition of Milleis Group. The deal, first announced in July 2025, sees the banking and insurance giants acquire France's third-largest independent private bank from the investment fund AnaCap, significantly bolstering their wealth management and life insurance capabilities.

The complex transaction involved LCL acquiring the entire Milleis Group—comprising Milleis Banque, Milleis Vie, Cholet Dupont Oudart, and Cholet Dupont Asset Management—before immediately selling the insurance arm, Milleis Vie, to its sister company, Crédit Agricole Assurances. This acquisition is a cornerstone of Crédit Agricole S.A.'s ambitious 'ACT 2028' strategic plan, signaling a major offensive in the highly competitive market for affluent and high-net-worth clients.

A Strategic Playbook for Market Dominance

The acquisition is far more than a simple expansion; it is a calculated step within Crédit Agricole S.A.'s 'ACT 2028' strategic vision, a plan designed to establish the group as a leader in Europe across transitions and new technologies. With targets of reaching 60 million customers and generating over €30 billion in revenue by 2028, strategic acquisitions like Milleis are critical to achieving such aggressive growth.

For LCL, the integration of Milleis is a powerful accelerator. The addition of Milleis's €13 billion in assets under management and its 64,000 client families provides a substantial boost to LCL's private banking division. The bank has set a formidable new target: to reach €100 billion in private banking assets under management by 2030. Preserving the Milleis brand and its distribution network is a key part of the strategy, aiming to retain the independent advisory culture that made Milleis successful while layering on the resources of a banking titan.

Serge Magdeleine, Chief Executive Officer of LCL, framed the deal as a perfect strategic fit. “This acquisition enables LCL to strengthen its position in the wealth management client market in France,” he stated. “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.”

Simultaneously, Crédit Agricole Assurances is reinforcing its position in the premium life insurance market. The acquisition of Milleis Vie by the insurance giant will be integrated to support its high-end subsidiary, Spirica. This move not only enhances Spirica's market share but also significantly expands its distribution channels, giving it access to Milleis's established network of affluent clients and advisors.

“With the acquisition of Milleis Vie, Crédit Agricole Assurances continues its life insurance development strategy for the wealth management client segment,” said Nicolas Denis, Chief Executive Officer of Crédit Agricole Assurances. “This transaction is fully in line with the growth and value creation trajectory driven by ACT 2028.”

Reshaping the French Wealth Landscape

This acquisition lands in a French wealth management market that is both growing and consolidating. Projections show the private banking sector expanding steadily, fueled by demographic shifts, fiscal complexity, and the increasing digitalization of financial services. France's aging population is driving demand for sophisticated retirement and estate planning, while the country's complex tax environment pushes high-net-worth individuals toward professional wealth structuring.

The market has seen a trend toward consolidation as firms seek scale to invest in technology and navigate a complex regulatory environment. Crédit Agricole's bold move to acquire a major independent player like Milleis could accelerate this trend, putting pressure on other large banks and smaller independent firms to re-evaluate their strategic positions. By absorbing a key independent, Crédit Agricole is not just gaining market share but also removing a significant competitor from the board.

With nearly 2.8 million millionaires in France—a number projected to approach 4 million by 2026—the battle for affluent clients is intensifying. This deal equips LCL and Crédit Agricole Assurances with an enhanced toolkit to compete, combining LCL's broad banking services with Milleis’s specialized, independent-style advisory and product suite.

Integrating a Proven Performer

Milleis Group's journey to this point has been one of remarkable transformation. Originally the French retail and wealth management arm of Barclays, it was acquired by the private equity fund AnaCap in 2017 and rebranded. Under AnaCap’s ownership, Milleis was repositioned as a dynamic, tech-forward private bank. It shed its legacy structures, invested in a modern SaaS cloud platform, and focused on delivering high-quality, independent advice.

This strategy paid dividends, with assets under management growing significantly. A pivotal moment came in 2023 with the merger of Milleis and Cholet Dupont-Oudart, another respected independent wealth manager. That combination created the entity that LCL has now acquired, a firm with deep regional roots, a strong brand, and a client-centric service model.

Nassim Cherchali, Managing Partner at AnaCap, commented on the successful exit: “During our partnership, Milleis grew to 13 billion euros in assets under management, becoming the third-largest independent private bank in France, supported by 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.”

The new parent companies have been clear that they intend to protect what made Milleis successful. Nicolas Hubert, Chief Executive Officer of Milleis Banque, expressed optimism for the future, stating, “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.” This promise of preserved autonomy combined with enhanced resources will be crucial as the 700 employees of Milleis integrate into the larger Crédit Agricole ecosystem, aiming to create a new powerhouse in French wealth management.