“The recent addition of RBC Investor Services’ operations in Europe has enabled the company to expand its clients base and product range,” Crédit Agricole said in a press release announcing its acquisition of Santander’s 30.5% stake in Caceis. Photo: Shutterstock

“The recent addition of RBC Investor Services’ operations in Europe has enabled the company to expand its clients base and product range,” Crédit Agricole said in a press release announcing its acquisition of Santander’s 30.5% stake in Caceis. Photo: Shutterstock

Crédit Agricole and Santander have entered into an agreement to acquire Santander’s 30.5% stake in its asset servicing provider Caceis. This will result Crédit Agricole controlling 100% of the share capital of Caceis.

The French banking group Crédit Agricole and the Spanish financial services company Santander have entered into an agreement to acquire Santander’s 30.5% stake in its asset servicing provider Caceis, Crédit Agricole announced in a issued on 19 December 2024. The transaction is expected to be completed in 2025 and is customary to closing conditions and regulatory approvals. Once this is done, Crédit Agricole will control 100% of the share capital of Caceis.

In 2019, Caceis reached an agreement to combine its custody and asset servicing operations with Santander’s posttrade arm, Santander Securities Services (S3), resulting in the transfer of 100% of S3 Spain and 50% (minus one share) of S3’s operations in Latin America to Caceis, its website explains. The deal gave Crédit Agricole a 69.5% stake in Caceis and Santander 30.5% share. It also extended Caceis’ service coverage in Spain and into Latin America, with operations in Brazil, Columbia and Mexico.

Also in 2019, it finalised the purchase of Dutch custodian and pension services specialist Kas Bank, taking on Kas’ book of business in the Netherlands, Germany and the UK. The firm in June 2023 of the asset servicing activities of RBC Investor Services in Europe and Malaysia. “Over the recent years, Caceis has experienced robust growth, both organically and through strategic acquisitions,” said the press release. “The recent addition of RBC Investor Services’ operations in Europe has enabled the company to expand its clients base and product range.”

In parallel with this planned transaction, Caceis and Santander will maintain their long-term partnership, noted the communiqué, with their joint venture for the Latin American operations remaining jointly controlled.

Caceis, which provides services to asset managers, insurance companies, pension funds, banks, private equity and real estate funds, brokers and corporate clients, has assets under custody of €4.7trn and assets under administration of €3.3trn. It has offices in 17 countries and employs around 2,000 people in Luxembourg.

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