The M&A merry-go-ground in Asia's private banking market takes another turn.

Indosuez Wealth Management has agreed with Crédit Industriel et Commercial to acquire the latter’s private banking operations in Singapore and Hong Kong after the parties entered exclusive negotiations on 16 June 2017. The move is an example of the merger and acquisition activity that has been a feature of Asia-Pacific wealth management in recent years.

As part of the transaction, Indosuez Wealth Management in Asia, chaired by Pierre Masclet, will bring in CIC’s private banking teams in Singapore and Hong Kong, adding to the staff the group currently employs in Asia. After completion of the transaction, Indosuez will have AuM of $14 billion dollars in Asia.

The acquisition is expected to close by the end of this year and remains subject to both regulatory approvals. Financial terms of the transaction weren't disclosed.

"The transaction is fully in line with Crédit Agricole’s Medium Term Plan Strategic Ambition 2020, which included targeted add-on acquisitions in wealth management. It will have a very limited impact on Crédit Agricole’s and Crédit Agricole Group’s Common Equity Tier 1 ratio, of less than 2 basis points," the institutions said in a statement today.

Indosuez's parent bank is Crédit Agricole Corporate and Investment Bank, the Paris-headquartered group.

In recent years, banks such as OCBC, DBS, Barclays, Societe Generale, ANZ and ABN AMRO have entered M&A deals, with many of the non-Asia organisations selling private banking operations to the local players because of their inability to obtain sufficiently profitable scale.