Acquisition of Legal & General France by Apicil, the Acquisition that brought GRESHAM Banque into the Group

APICIL acquired Legal & General France, including its life insurance activities and its banking subsidiary, Legal & General Banque, in a landmark transaction that further accelerated the Group’s expansion in savings, wealth management and financial services. The banking subsidiary was subsequently rebranded GRESHAM Banque and became a key component of APICIL’s financial services platform.

The transaction combined a well-established life insurance franchise with a fully licensed banking platform, providing APICIL with a unique opportunity to broaden its capabilities across savings, investment, banking and wealth management. It also strengthened the Group’s relationships with independent financial advisors, wealth managers and affluent private clients.

Strategic Impact

The acquisition represented a major strategic step in APICIL’s ambition to build a fully integrated savings and wealth management platform.

Beyond the acquisition of a profitable life insurance business, APICIL simultaneously secured control of Legal & General Banque, established in 1987 and holding a banking licence since 1992, thereby gaining access to critical banking, custody and investment services capabilities. Following its integration into the Group, the entity became GRESHAM Banque, which today provides banking, securities custody, portfolio administration and wealth management solutions both to APICIL entities and external distribution partners.

The transaction significantly enhanced APICIL’s vertical integration by combining insurance manufacturing, investment solutions, banking infrastructure and wealth management expertise within a single group. Together with previous acquisitions such as COPARC and subsequent acquisitions including Skandia France and Luxembourg, Legal & General France contributed to the creation of one of France’s most comprehensive independent savings and wealth management platforms.

The acquisition also demonstrated APICIL’s ability to pursue complex strategic transactions beyond traditional insurance consolidation. By acquiring both the insurance company and the banking subsidiary in a single operation, the Group secured assets that would become instrumental in supporting its long-term growth in wealth management, private client services and investment solutions.

Gimar & Co’s Role

Gimar & Co acted as exclusive financial advisor to APICIL throughout the transaction.

The acquisition illustrates Gimar’s long-standing partnership with APICIL and its ability to advise on highly strategic transactions involving multiple regulated businesses and complex financial services activities. The successful acquisition and integration of both Legal & General France and its banking subsidiary represented another milestone in the development of APICIL’s savings and wealth management franchise and contributed to the value creation strategy that Gimar has supported for more than fifteen years.