Credit Agricole, Santander to Unite in Custody and Asset-Servicing Entity
April 17 2019 - 1:16AM
Dow Jones News
By Donato Paolo Mancini
Credit Agricole SA (ACA.FR) and Banco Santander SA (SAN.MC) have
signed a memorandum of understanding to create a new entity focused
on custody and asset-servicing operations with a remit over a total
of more than 5 billion euros ($5.7 billion), the lenders said
Wednesday.
The new entity, names Caceis, would see Credit Agricole and
Santander hold 69.5% and 30.5%, respectively, in a combination of
their operations. It would combine Santander Securities Services,
or S3, in Spain and Latin America, with Caceis.
The combined entity would hold EUR3.34 billion in assets under
custody and EUR1.83 billion in assets under administration.
The transaction, which requires customary approvals and the
sign-off from the relevant works councils, is expected to take
place by end of 2019.
"It is anticipated that the impact on both capital and on
earnings per share will not be material for both parties," the
lenders said.
Write to Donato Paolo Mancini at
donatopaolo.mancini@dowjones.com; @donatopmancini
(END) Dow Jones Newswires
April 17, 2019 02:01 ET (06:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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