Crédit Agricole Indosuez, the investment banking and securities arm of the French mutual bank Crédit Agricole, has boosted its private banking and asset management business with the acquisition of Banque CIBC, the Swiss subsidiary of Canadian Imperial Bank of Commerce.

The move effectively seals CIBC's withdrawal from the private banking arena in Europe. Last year it sold the London-based high net worth brokerage and asset management business of CIBC Oppenheimer to Lehman Brothers.