Santander: to merge asset servicing arm with Credit Agricole
(CercleFinance.com) - Spanish banking giant Santander said on Wednesday that it will combine its custodian and asset servicing operations unit with France's Credit Agricole, which will create "a major global player".
The financial heavyweights have signed a memorandum of understanding with a view to combining CACEIS, Credit Agricole's custodian and asset servicing business, and the Spanish, Brazilian, Mexican and Colombian activities of S3, Santander's custodian and asset servicing unit.
Credit Agricole and Santander would respectively hold 69.5% and 30.5% of the combined entity, which will keep the name CACEIS, they said.
The company will be a major player, both globally and in Europe, with 3,343 billion euros in assets under custody and 1,833 billion euros in assets under management.
The deal is expected to be completed before the end of 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The financial heavyweights have signed a memorandum of understanding with a view to combining CACEIS, Credit Agricole's custodian and asset servicing business, and the Spanish, Brazilian, Mexican and Colombian activities of S3, Santander's custodian and asset servicing unit.
Credit Agricole and Santander would respectively hold 69.5% and 30.5% of the combined entity, which will keep the name CACEIS, they said.
The company will be a major player, both globally and in Europe, with 3,343 billion euros in assets under custody and 1,833 billion euros in assets under management.
The deal is expected to be completed before the end of 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.