Crédit Agricole To Acquire Full Control Of Caceis From Santander
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Crédit Agricole and Spanish financial services company Santander have agreed that Crédit Agricole will acquire Santander’s 30.5% share in Caceis, an asset servicing provider.
The company said the deal is expected to be completed next year, subject to regulatory approval. When the deal is done, Crédit Agricole will own 100% of Caceis.
This transaction follows a previous agreement in 2019 when Caceis and Santander joined forces.
At that time, they combined their asset servicing businesses, with Caceis acquiring Santander’s post-trade division, Santander Securities Services (S3). Under that deal, Crédit Agricole took a 69.5% stake in Caceis, while Santander kept 30.5%. This gave Caceis more presence in Spain and Latin America.
Caceis And Santander Plan To Continue Their Partnership In Latin America
Since 2019, Caceis has grown rapidly, both by expanding its own business and through acquisitions. At the time, the company also purchased the Dutch custodian Kas Bank, which expanded its services in the Netherlands, Germany, and the UK. Later, in June last year, Caceis acquired the asset servicing activities of RBC Investor Services in Europe and Malaysia. The company said this expansion has helped them grow their client base and services.
Even though Crédit Agricole will own all of Caceis after the deal, the two companies will still work together in Latin America. Caceis and Santander will keep their joint venture for the Latin American business, and both will share control.
Caceis assists many clients, like companies that manage customer’s funds, insurance companies, pension funds, and banks. The company has €4.7 trillion in assets under care and €3.3 trillion in assets under management. It works in 17 countries and has around 2,000 workers in Luxembourg.
Crédit Agricole and Caceis Aim For More Growth With Full Market Control
Crédit Agricole offers many banking services. These include savings, loans for homes, and business loans. The company also helps with managing money and giving advice on buying or selling companies. Crédit Agricole provides different kinds of insurance and works in many countries in Europe, the Americas, Africa, Asia, and the Middle East.
With this deal, Crédit Agricole takes an important step as it gets more control in the market for asset services. By owning all of Caceis, the French bank will be stronger in the financial world, especially in Europe and Latin America.
As the deal continues, many experts are watching closely. They think it will help Caceis get even better, especially as it keeps growing and meeting new people. With the deal finished, Caceis is ready for a bright future, helping customers all over the world.
