Crédit Agricole SA takes 100% of its securities custody subsidiary Caceis – 12/20/2024 at 12:46

Credit Agricole has reached an agreement to acquire Santander’s 30.5% stake in securities custody entity Caceis, the banks said in a statement, giving full control of the business to the listed entity. Crédit Agricole group.

The value of the transaction, which remains subject to regulatory approvals and is expected to be finalized in 2025, has not been communicated.

In April 2019, the two banking groups launched a joint company for their securities custody activities.

Santander said the sale would not have a material impact on its profit or earnings per share, but that the transaction would increase its capital ratio by around 10 basis points.

“The transaction is in line with the Group’s objectives in terms of return on investment and return on tangible equity and will have a negative impact of approximately 30 basis points on Crédit Agricole SA’s CET1 ratio,” the bank said. French company which recently joined the activities of RBC Investor Services in Europe.

The joint venture of Santander and Caceis in the custody of securities in Latin America will remain under joint control, Crédit Agricole SA said in the press release.

(written by Jesús Aguado and Mathieu Rosemain; French version Bertrand De Meyer, edited by Sophie Louet)