Crédit Agricole SA and Banco Santander SA completed the combination of their custody and asset-servicing arms, after obtaining all regulatory, board and shareholder approvals, as well as meeting the precedent conditions.
Under the deal, 100% of Santander Securities Services SA Sociedad Unipersonal's operations in Spain and 49.99% of the firm's Latin American activities are integrated into CACEIS SA, the existing unit of Crédit Agricole. The French lender will own 69.5% of the combined CACEIS entity, while Santander will hold a 30.5% stake.
The combined entity has €3.9 trillion in assets under custody and €2.1 trillion in assets under administration, as of Sept. 30.
Meanwhile, Jean-François Abadie will continue to serve as CEO of CACEIS, while Carlos Rodriguez de Robles, who currently serves as general manager of Santander Securities Services, will be in charge of the Spanish and Latin American operations, reporting to Abadie.