Crédit Agricole and Santander to combine custody and asset servicing operations

Sophie Chapman
- Finance - Apr 17, 2019

The European financial institutions, Crédit Agricole and Santander, have announced plans to combine their custody and asset servicing operations.

The French and Spanish companies signed a Memorandum of Understanding (MoU), which will see their combined business have assets under custody worth €3.3trn (US$3.8trn).

The business’s assets under administration have been valued at €1.8trn (US$2.1bn).

“We are delighted to enter into this partnership with Crédit Agricole,” stated Ana Botín, Executive Chairman of Santander.

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“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.”

Under the agreement, Crédit Agricole would have 69.5% ownership and Santander would have 30.5% hold on the firm.

“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,” commented Philippe Brassac, CEO of Crédit Agricole.

“We are very proud to envisage this long-term collaboration with Santander in order to create a major player in custody and asset servicing with further growth prospects for the group.”

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