Credit Agricole's CACEIS Signs MoU on Potential Acquisition of RBC Investor-Services Operations in Europe
October 17 2022 - 1:39AM
Dow Jones News
By Cecilia Butini
Credit Agricole SA said Monday that it has signed a memorandum
of understanding with Royal Bank of Canada over a potential
acquisition by its asset servicing arm CACEIS of the Canadian
bank's investor-services operations in Europe.
Credit Agricole said the transaction, which is expected to
happen by the third quarter of 2023, would boost CACEIS's assets
with about 4.8 trillion euros ($4.66 trillion) in assets under
custody and EUR3.5 trillion in assets under administration.
The acquisition would materialize a return on investment of more
than 10% over three years thanks to synergies, according to Credit
Agricole. The bank also said the transaction would negatively
affect its common equity Tier 1 and group CET1 ratio by less than
10 basis points.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
October 17, 2022 02:24 ET (06:24 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Credit Agricole (EU:ACA)
Historical Stock Chart
From Apr 2024 to May 2024
Credit Agricole (EU:ACA)
Historical Stock Chart
From May 2023 to May 2024