Crédit Agricole: closing of CACEIS-S3 strategic combination
(CercleFinance.com) - Crédit Agricole SA and Santander announce the closing of the strategic combination of CACEIS, the financial services subsidiary of Crédit Agricole, and Santander Securities Services (S3), all conditions precedent relative to the deal having been satisfied.
In line with the agreement, S3 contributes 100% of operations in Spain and 49.99% of those in Latin America to CACEIS. Once completed, Crédit Agricole SA and Santander will respectively hold 69.5% and 30.5% of the capital of CACEIS.
The new entity will have EUR 3.9 trillion in assets under custody and EUR 2.1 trillion in assets under administration. CACEIS and S3 will create value thanks to commercial synergies and strong growth prospects.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In line with the agreement, S3 contributes 100% of operations in Spain and 49.99% of those in Latin America to CACEIS. Once completed, Crédit Agricole SA and Santander will respectively hold 69.5% and 30.5% of the capital of CACEIS.
The new entity will have EUR 3.9 trillion in assets under custody and EUR 2.1 trillion in assets under administration. CACEIS and S3 will create value thanks to commercial synergies and strong growth prospects.
Copyright (c) 2019 CercleFinance.com. All rights reserved.