Banca Leonardo
Banca Leonardo was an Italian independent investment bank that developed into a wealth-management-focused financial group before merging with Indosuez Wealth Management in 2019.
Last updated August 31, 2026
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Overview
Banca Leonardo was an Italian financial-services brand headquartered in Milan. Established in October 1999, it was created as an independent investment-banking institution serving corporate, entrepreneurial and private clients. The bank’s development was based on advisory expertise, a relationship-oriented model and the provision of value-added financial services rather than on the mass-market retail-banking model associated with large universal banks. A major transformation took place in April 2006, when a group of European investors acquired and recapitalised Banca Leonardo. The investors sought to build what they described as Italy’s first private and independent investment bank and to establish a leading position through consulting services, a long-term individual approach, professional expertise and tailored solutions. This recapitalisation provided the platform for expansion beyond Italy and for a broader investment-banking and wealth-management proposition. The group pursued international growth through acquisitions and strategic investments. In July 2007, it acquired a stake in Toulouse & Associés, a French investment bank led by Jean-Baptiste Toulouse and Jean Peyrelevade. Banca Leonardo acquired the remaining shares in September 2008, giving it full ownership of the French firm. The group subsequently reshaped its geographic footprint. It sold its French investment-banking activities to Natixis in May 2015, its French private-banking activities to UBS France in December 2016, and its investment-banking operations in Belgium, Germany, Italy and Spain to Houlihan Lokey in October 2015. Following the latter transaction, offices in Belgium, Germany and Spain adopted the Houlihan Lokey name, while the Italian office retained the Leonardo & Co. brand. Banca Leonardo’s later identity was increasingly associated with wealth management in Italy. In May 2018, Indosuez Wealth Management, the international wealth-management subsidiary of Groupe Crédit Agricole, acquired 94.1 percent of Banca Leonardo’s share capital. The transaction aligned Banca Leonardo with Indosuez’s private-banking and wealth-management platform. The merger was completed in October 2019, creating CA Indosuez Wealth (Italy) and ending Banca Leonardo as an independent banking institution. Its legacy therefore spans Italian independent investment banking, cross-border advisory activity, private banking and the consolidation of specialist financial firms into larger international wealth-management groups.
History
Banca Leonardo S.p.A. was founded in Milan in October 1999. Its original concept was that of an independent Italian investment bank focused on advice and specialist financial services rather than conventional retail banking. The institution served corporate, entrepreneurial and private clients through a relationship-based model built around consulting, professional expertise and tailored solutions. The bank entered a more ambitious phase in April 2006, when a group of leading European investors acquired and recapitalised it. The stated objective was to create Italy’s first private and independent investment bank and to become a market leader through a combination of long-term individual attention, value-added services and specialist advice. This change in ownership and capitalisation supported the group’s subsequent expansion outside Italy. International development included the acquisition of a stake in Toulouse & Associés in July 2007. The French investment bank was led by Jean-Baptiste Toulouse and Jean Peyrelevade. Banca Leonardo acquired the shares it did not already own in September 2008, thereby taking full ownership of Toulouse & Associés. The transaction extended the group’s advisory presence into France and formed part of its broader cross-border strategy. During the middle of the 2010s, Banca Leonardo and its wider group began selling or transferring several international activities. In May 2015, its investment-banking activities in France were sold to Natixis. In October 2015, investment-banking activities in Belgium, Germany, Italy and Spain were sold to Houlihan Lokey. The Belgian, German and Spanish offices subsequently operated under the Houlihan Lokey name, while the Italian office retained the Leonardo & Co. brand. In December 2016, the group sold its French private-banking activities to UBS France. These disposals materially reduced the group’s international investment-banking and private-banking footprint. The remaining Italian business became increasingly associated with wealth management. In May 2018, Indosuez Wealth Management acquired 94.1 percent of Banca Leonardo’s shareholding. Indosuez was part of Groupe Crédit Agricole and used the transaction to strengthen its wealth-management presence in Italy. The merger between Indosuez Wealth Management and Banca Leonardo was completed in October 2019. The combined Italian operation was established as CA Indosuez Wealth (Italy), ending Banca Leonardo’s independent corporate existence. The brand’s history consequently reflects the evolution of a specialist Italian investment bank into a wealth-management platform absorbed into a larger international financial group.
- 2019
Merger creates CA Indosuez Wealth (Italy)
[1]The merger with Indosuez Wealth Management is completed in October, ending Banca Leonardo as an independent bank.
- 2018
Indosuez acquires a majority stake
[1]Indosuez Wealth Management acquires 94.1 percent of Banca Leonardo.
- 2016
French private banking sold to UBS France
[1]The group divests its French private-banking activities to UBS France.
- 2015
International investment-banking disposals
[1]French investment banking is sold to Natixis, while investment-banking activities in Belgium, Germany, Italy and Spain are sold to Houlihan Lokey.
- 2008
Full ownership of Toulouse & Associés
[1]The group acquires the remaining shares of Toulouse & Associés.
- 2007
Stake acquired in Toulouse & Associés
[1]Banca Leonardo expands into France by acquiring a stake in Toulouse & Associés.
- 2006
Recapitalisation by European investors
[1]A group of European investors acquires and recapitalises Banca Leonardo to develop a leading private and independent investment bank in Italy.
- 1999
Banca Leonardo is established
[1]Banca Leonardo S.p.A. is founded in Milan in October as an independent Italian investment bank.
Products and positioning
Banca Leonardo positioned itself as a private, independent and relationship-led investment bank, emphasizing professional expertise, tailored advice, long-term client relationships and value-added services. In its later period, the business was increasingly oriented toward wealth management in Italy.
Investment banking · 1999
Investment-banking advisory
Banca Leonardo’s core historical activity was independent investment-banking advice for companies, entrepreneurs and other clients. Its positioning emphasized consulting, professional expertise and tailored, value-added services rather than standardized mass-market banking products. The group also operated through related entities and brands in several European markets.
Wealth management
Private banking and wealth management
Private banking and wealth management became increasingly important to Banca Leonardo’s Italian business, particularly after the group reduced its international investment-banking footprint. These activities were ultimately integrated into Indosuez Wealth Management’s Italian platform following the 2019 merger.
Investment-banking brand
Leonardo & Co.
Leonardo & Co. was a related investment-banking brand used by the group’s Italian office after the sale of investment-banking activities in several European countries to Houlihan Lokey. The Italian office retained the Leonardo & Co. identity while offices in Belgium, Germany and Spain moved to the Houlihan Lokey brand.
Brand decisions
2019
Merge with Indosuez Wealth ManagementM&ABackground
Following Indosuez Wealth Management’s majority acquisition, the two businesses were combined to create a unified Italian wealth-management platform.
Action taken
The merger was completed in October 2019, creating CA Indosuez Wealth (Italy).
Aftermath
Banca Leonardo ceased to operate as an independent bank, and its business became part of the CA Indosuez Wealth structure.
2018
Indosuez Wealth Management acquires 94.1 percent of Banca LeonardoM&ABackground
Banca Leonardo’s Italian business was increasingly focused on wealth management, while Indosuez Wealth Management was expanding its presence in the sector.
Action taken
Indosuez Wealth Management acquired 94.1 percent of Banca Leonardo’s shareholding.
Aftermath
Banca Leonardo became part of the Groupe Crédit Agricole wealth-management structure and was subsequently merged into Indosuez’s Italian operation.
Shareholding acquired. 94.1% (2018)
2016
Sell French private-banking activitiesM&ABackground
After the disposal of French investment banking, the group continued to streamline its French financial-services operations.
Action taken
Banca Leonardo sold its French private-banking activities to UBS France.
Aftermath
The transaction further concentrated the group’s remaining business around its Italian activities and wealth-management interests.
2015
Divest international investment-banking activitiesStrategyBackground
The group began reshaping its European footprint by reducing its direct ownership and operation of investment-banking activities outside its core remaining business.
Action taken
French investment-banking activities were sold to Natixis, while investment-banking activities in Belgium, Germany, Italy and Spain were sold to Houlihan Lokey.
Aftermath
The Belgian, German and Spanish offices adopted the Houlihan Lokey brand, while the Italian office retained the Leonardo & Co. identity.
2006
Build a private and independent Italian investment bankStrategyBackground
Following the acquisition and recapitalisation by European investors, Banca Leonardo sought to establish a leading position in Italy through independent advice, long-term client relationships and specialist expertise.
Action taken
The new investor group recapitalised the bank and pursued an expansion strategy centred on consulting and value-added investment-banking services.
Aftermath
The strategy was followed by international expansion, including the acquisition of Toulouse & Associés and the development of activities across several European markets.
Sources1 sources
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