CREDIT AGRICOLE SA: Crédit Agricole S.A and Santander announce the closing of the strategic combination of CACEIS and Santan...
23 Dicembre 2019 - 8:00AM
CREDIT AGRICOLE SA: Crédit Agricole S.A and Santander announce the
closing of the strategic combination of CACEIS and Santander
Securities Services and the creation of a major global player
FOR IMMEDIATE RELEASE
Montrouge / Madrid, 23 December 2019
Crédit Agricole S.A and Santander
announce the closing of the strategic combination of CACEIS and
Santander Securities Services and the creation of a major global
player
Crédit Agricole S.A. and Santander are pleased
to announce that they have closed the previously announced
combination of CACEIS and Santander Securities Services
(“S3”).
All the conditions precedent and all board,
shareholder and regulatory approvals have been satisfied.
Pursuant to the agreements, 100% of S3 Spain and
49.99% of S3’s operations in Latin America (Brazil, Mexico and
Colombia) have been contributed to CACEIS. As a result, Crédit
Agricole S.A. and Santander hold 69.5% and 30.5% of CACEIS,
respectively.
The transaction combines two strong custody and
asset servicing players to form a leading global player in Europe
and worldwide, with EUR 3.9 trillion in assets under custody
and EUR 2.1 trillion in assets under administration (figures at
30/09/2019).
CACEIS and S3 will benefit from value creation
thanks to commercial synergies and growth prospects. They will gain
competitive positioning and benefits from enhanced geographical
presence, the full coverage of the asset servicing value chain and
an expanded offering to support both existing and new clients in
their projects and their development.
The enlarged group will be better placed
to capture growth in high potential markets, such as Latin
America, and new opportunities, with the support of two strong
shareholders.
Jean-François Abadie has been confirmed as Chief
Executive Officer of CACEIS while Carlos Rodriguez de Robles,
current General Manager of S3, will be leading the Spanish and
Latin American activities, reporting to Jean-François Abadie.
Philippe Brassac, CEO of Crédit Agricole
S.A., stated: “By joining forces in the asset servicing
business, Crédit Agricole and Santander are giving a strong signal
to their clients and to the market. Leveraging our strong
industrial partnership model, and developing the business
sustainably, we are creating a major player in custody and asset
servicing that will benefit from enhanced growth prospects.”
Ana Botín, Executive Chairman of
Santander said: “By combining the strengths of Crédit
Agricole and Santander in custody and asset servicing we are
creating a platform that can leverage our complimentary footprints
and collective scale, with combined assets under custody of €3.9
trillion. Together we are stronger and can offer clients a better
and truly global service proposition.”
Jean-François Abadie, CACEIS
CEO, commented: “The deal is a unique development
opportunity for both companies as we share a common industry
vision, and a close geographic and strategic fit. This activity
merger extends CACEIS’ footprint to Spain and Latin America, where
we are now a key player thanks to Santander's position and its
in-depth local knowledge. We are very confident that the combined
expertise of our teams and our shared vision will see this become a
very successful venture. CACEIS was born of partnership and has a
long history of successful integration deals. We see a bright
future together.”
Carlos Rodríguez de Robles, General
Manager for S3, said: “We are delighted to be forming a
partnership with CACEIS. By combining CACEIS and S3, we are
becoming an even stronger force in European custody and asset
servicing. With an enhanced business scope and geographical
coverage, we are now in a position to better support our clients’
business development objectives. This combination is driven by the
expected client benefits, and it brings them access to a full range
of asset servicing products from a financially solid international
group with a network of local entities. CACEIS and S3 are now
focusing on the integration process and will ensure clients receive
uninterrupted high quality services throughout the transition
process.”
****About CACEISCACEIS is the
asset servicing banking group of Crédit Agricole dedicated to asset
managers, insurance companies, pension funds, banks, brokers and
corporate clients. Through offices across Europe, North America and
Asia, CACEIS offers a broad range of services covering execution,
clearing, forex, securities lending, custody, depositary and fund
administration, fund distribution support, middle office
outsourcing and issuer services. With assets under custody of €3.1
trillion and assets under administration of €2.0 trillion, CACEIS
is a European leader in asset servicing and one of the major
players worldwide (figures as of 30 September
2019).www.caceis.com
About S3Santander Securities
Services (“S3”) is the asset servicing business of Grupo Santander.
With local presence in Spain, Brazil, Mexico and Colombia, S3 is a
leading player in these markets, with € 770bn of assets under
custody (figures as of 30 September
2019).www.santandersecuritiesservices.com
Crédit Agricole S.A. press
contactCharlotte de Chavagnac: + 33 1 57 72 11 17 -
charlotte.dechavagnac@credit-agricole-sa.fr
SANTANDER press
contact
Michael Strachan: + 44 7718 110350 -
michael.strachan@gruposantander.com
CACEIS press
contact
Eric Derobert: +33 1 57 78 05 96 + 33 6 83 78 65 59 -
eric.derobert@caceis.com
- 2019 12 23Crédit Agricole S.A and Santander announce the
closing of the strategic combination of CACEIS and Santander
Securities Services
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