Crédit Agricole has completed previously announced acquisition of Santander’s 30.5% stake in CACEIS, its asset servicing subsidiary.
The deal, which completed following the receipt of all necessary regulatory approvals, increases Crédit Agricole’s stake in CACEIS to 100%.
The agreement to acquire the stake was signed in December 2024.
Crédit Agricole has reiterated its commitment to enhancing CACEIS’ role as a significant player in the European asset servicing market, aiming to support the business development goals of its clients.
CACEIS has shown substantial growth in recent years, both through organic means and strategic acquisitions. This includes the integration of RBC Investor Services’ operations in Europe, which has broadened its client base and product offerings.
This acquisition is aligned with Crédit Agricole’s strategic objectives.
“With this operation, Crédit Agricole strengthens its position in CACEIS, a major European player in asset servicing, allowing it to continue its development in this strategic business for the Crédit Agricole group,” the company said in a statement.
The statement added: “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 S.A,”.
Concurrently, CACEIS and Santander will continue their long-term partnership, maintaining joint control over their Latin American operations.
In September 2023, Crédit Agricole Group acquired French fintech company Worklife to enhance the group’s offerings in employee savings, retirement plans, and group health insurance.
