Crédit Agricole signs agreement for the acquisition of Santander’s stake in CACEIS
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Crédit Agricole signs agreement for the acquisition of Santander’s stake in CACEIS 20 December 2024 France Reporter: Klea Neza
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Crédit Agricole and Santander have entered into an agreement for the acquisition by Crédit Agricole of Santander’s 30.5 per cent stake in CACEIS, its asset servicing provider.
Following the envisaged transaction, Crédit Agricole will control 100 per cent of the share capital of CACEIS.
Crédit Agricole says its strategic priority is to continue strengthening CACEIS’s position as a major European asset servicing player, supporting its clients’ business development objectives.
CACEIS and Santander are maintaining their long-term partnership.
Their joint venture for the Latin American operations will remain jointly controlled.
Completion of the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to take place during 2025.
The firm says the transaction is consistent with the Crédit Agricole Group's targets in terms of return of investment and return on tangible equity, and will have a negative impact of approximately 30 basis points on the fully-loaded CET1 ratio of Crédit Agricole.
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