Crédit Agricole and Santander complete securities services agreement
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Crédit Agricole and Santander complete securities services agreement 24 December 2019Madrid Reporter: Becky Bellamy
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Crédit Agricole and Santander have completed the agreement to combine CACEIS and Santander Securities Services.
As part of the agreement, 100 percent of Santander Securities Services Spain and 49.99 percent of Santander Securities Services’ operations in Latin America have been contributed to CACEIS.
Credit Agricole and Santander now hold 69.5 percent and 30.5 percent, respectively.
The transaction combines two custody and asset servicing players with €3.9 trillion in assets under custody and €2.1 trillion in assets under administration.
The combination will see Jean-François Abadie take of the role at CEO of CACEIS, while Carlos Rodriguez de Robles, current general manager of Santander Securities Services, will lead the Spanish and Latin American activities, reporting to Abadie.
Philippe Brassac, CEO of Crédit Agricole S.A., said: “By joining forces in the asset servicing business, Crédit Agricole and Santander are giving a strong signal to their clients and to the market. Leveraging our strong industrial partnership model, and developing the business sustainably, we are creating a major player in custody and asset servicing that will benefit from enhanced growth prospects.”
Ana Botín, executive chairman of Santander, added: “By combining the strengths of Crédit Agricole and Santander in custody and asset servicing we are creating a platform that can leverage our complementary footprints and collective scale, with combined assets under custody of €3.9 trillion.”
All the conditions precedent and all board, shareholder and regulatory approvals have been satisfied.
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