Credit Agricole and Santander join custody forces
April 17, 2019

French bank Credit Agricole and Spain's Santander say they have signed a Memorandum of Understanding to join forces and combine their custody and asset servicing operations. Crédit Agricole and Santander will hold 69.5 percent and 30.5 percent respectively of the combined entity that will keep the name CACEIS.

The Latin American activities of Santander Securities Services (S3) will be jointly controlled by the new CACEIS and Santander. The duo claim the combined entity will be among the major players worldwide and in Europe with EUR 3,343 billion in assets under custody and EUR 1,833 billion in assets under administration

The enlarged group will continue to leverage on strong teams from both organizations with Jean-Francois Abadie, current CEO of CACEIS, as Chief Executive Officer of the new enlarged entity and Carlos Rodriguez de Robles, current General Manager for S3, leading the Spanish and Latin American activities.

The signature of the final agreements between Crédit Agricole and Santander requires prior consultation with the relevant works councils. Completion will be subject to customary closing conditions, including regulatory approvals, and is expected to take place by the end of 2019. It is expected that the impact on both capital and on earnings per share will not be material, for both parties.

Ana Botín, Executive Chairwoman of Santander, said: "S3 and CACEIS are highly complementary businesses, and by working together we can create a custody and asset servicing platform that leverages our collective scale and global presence, and offers clients a comprehensive service that can support their ambitions and help them to prosper."

Philippe Brassac, CEO of Crédit Agricole, said: "The contemplated combination of CACEIS and S3 is yet another illustration of Crédit Agricole's continued focus on delivering a strong industrial partnership model with a view to creating outstanding platforms across our key business lines."

Jean-François Abadie, CACEIS CEO commented: "CACEIS and S3 are highly complementary from a geographic, client and service offering perspective. With very similar cultural and industrial approaches, our two organizations, once united, would deliver significant value for all our stakeholders."

Carlos Rodriguez de Robles, General Manager for S3, said: "The new business will offer clients a comprehensive and strengthened value proposition, combining a deep industry expertise and ample product portfolio, with a profound knowledge and presence across our local markets. I am convinced the new entity will be a source of value creation for our shareholders and a great opportunity for the growth and development of our people."





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French bank Credit Agricole and Spain's Santander say they have signed a Memorandum of Understanding to join forces and combine their custody and asset servicing operations. Crédit Agricole and Santander will hold 69.5 percent and 30.5 percent respectively of the combined entity that will keep the name CACEIS.

The Latin American activities of Santander Securities Services (S3) will be jointly controlled by the new CACEIS and Santander. The duo claim the combined entity will be among the major players worldwide and in Europe with EUR 3,343 billion in assets under custody and EUR 1,833 billion in assets under administration

The enlarged group will continue to leverage on strong teams from both organizations with Jean-Francois Abadie, current CEO of CACEIS, as Chief Executive Officer of the new enlarged entity and Carlos Rodriguez de Robles, current General Manager for S3, leading the Spanish and Latin American activities.

The signature of the final agreements between Crédit Agricole and Santander requires prior consultation with the relevant works councils. Completion will be subject to customary closing conditions, including regulatory approvals, and is expected to take place by the end of 2019. It is expected that the impact on both capital and on earnings per share will not be material, for both parties.

Ana Botín, Executive Chairwoman of Santander, said: "S3 and CACEIS are highly complementary businesses, and by working together we can create a custody and asset servicing platform that leverages our collective scale and global presence, and offers clients a comprehensive service that can support their ambitions and help them to prosper."

Philippe Brassac, CEO of Crédit Agricole, said: "The contemplated combination of CACEIS and S3 is yet another illustration of Crédit Agricole's continued focus on delivering a strong industrial partnership model with a view to creating outstanding platforms across our key business lines."

Jean-François Abadie, CACEIS CEO commented: "CACEIS and S3 are highly complementary from a geographic, client and service offering perspective. With very similar cultural and industrial approaches, our two organizations, once united, would deliver significant value for all our stakeholders."

Carlos Rodriguez de Robles, General Manager for S3, said: "The new business will offer clients a comprehensive and strengthened value proposition, combining a deep industry expertise and ample product portfolio, with a profound knowledge and presence across our local markets. I am convinced the new entity will be a source of value creation for our shareholders and a great opportunity for the growth and development of our people."



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