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
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. 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. 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. 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.”.