Baker McKenzie has advised Azqore, a subsidiary of Indosuez Wealth Management (Crédit Agricole) and Capgemini, on the signature of a strategic agreement relating to the processing, on its platform, of back-office operations and a large part of the IT services of Société Générale Private Banking internationally.
Azqore, a company specialising in information systems and the processing of banking operations for wealth management actors, will supply services to the private bank Société Générale internationally, which is to say Société Générale Private Banking in Luxembourg, in Monaco and in Switzerland as well as to the Group Kleinwort Hambros whose headquarters are in London.
This agreement will allow Société Générale Private Banking and its clients to benefit from a shared industrial platform, enhanced operations processing and digitalized services with the aim of improving the user experience and competitiveness.
This major operation will enable Azqore to create a reference in the sector of outsourcing services for IT and wealth management related banking operations, while the acceleration of the digital transformation is a priority for the private banking market, and to strengthen its presence and its service offering in Europe.
The completion of this agreement is subject to approval by the competent bodies and authorities. The migration of the back-office operations and IT services concerned will be carried out on a staggered basis starting from 2022.
Azqore and Indosuez Wealth Management were advised by Laurent Szuskin, Partner and Elsa Dalimier, Associate, both from Baker McKenzie’s IT/C division, as well as by Iris Barsan, Counsel, who specialises in private law and financial regulation.
Crédit Agricole was assisted internally by Guillaume Durand, Group General Counsel, Indosuez Wealth Management, Nathalie Jenelten, Legal Department Head ITO/BPO, Crédit Agricole Indosuez, and Félix Lecendrier, Legal Counsel, Azqore.
Société Générale was advised by Jonathan Rofé, Partner, Jeanne Dauzier, Counsel, and Marion Barbezieux, Associate, at DLA Piper.