LCL and Crédit Agricole Assurances have completed the acquisition of French private bank Milleis Group from private equity firm AnaCap. The deal brings Milleis Banque and its subsidiaries under the umbrella of two major French financial institutions. Financial terms were not disclosed.

Milleis Group manages €13 billion in assets and was founded in 2018. The acquisition includes Milleis Vie, Cholet Dupont Oudart, and Cholet Dupont Asset Management. The transaction represents a significant expansion for the buyers in France's wealth management sector.

This deal reflects ongoing consolidation in France's banking market as larger institutions seek to strengthen their private banking capabilities. The acquisition gives LCL and Crédit Agricole Assurances immediate scale in the French wealth management space.