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Credit Agricole and CACEIS to buy RBC Investor Services’ Europe unit
Global Banking & Finance Review®
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PARIS (Reuters) – CACEIS, the asset servicing business owned by French bank Credit Agricole and Spanish bank Santander, has struck a preliminary deal to buy the European asset servicing business of RBC Investor Services.
The acquisition, due to be completed by the end of the third quarter in 2023, would result in CACEIS having about 4.8 trillion euros ($4.7 trillion) worth of assets under custody and 3.5 trillion euros of assets under administration, CACEIS said on Monday.
The acquisition of the European asset servicing activities of RBC Investor Services will also entail the takeover of an associated Malaysian division.
“This combination with RBC Investor Services helps us consolidate our position as a leading European player in asset servicing,” said CACEIS Chief Executive Jean-François Abadie.
($1 = 1.0256 euros)
(Reporting by Sudip Kar-Gupta; Editing by Kim Coghill and David Goodman)
Asset servicing refers to the administrative services provided to institutional investors, including the management of assets, custody, and the processing of transactions.
Assets under custody are the total market value of assets that a financial institution holds on behalf of its clients, ensuring their safekeeping and administration.
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
A financial institution is an organization that provides financial services, such as banks, credit unions, insurance companies, and investment firms.
A merger is a business combination where two companies join to form a new entity, often to enhance competitiveness and efficiency.
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