PARIS (Reuters) – CACEIS, the asset services company owned by France’s Credit Agricole (OTC: OTC) and Spain’s Santander (BME:), has entered into a preliminary deal to buy RBC Investor Services’ European asset service business.
On Monday, CACEIS said the acquisition, which is due to be completed by the end of the third quarter of 2023, will result in CACEIS holding approximately 4.8 trillion euros ($4.7 trillion) in assets under custody and 3.5 trillion euros in assets under management.
The acquisition of RBC Investor Services’ European asset servicing activities will also entail the acquisition of an associated Malaysian division.
“This merger with RBC Investor Services helps us cement our position as a leading European player in asset servicing,” said Jean-Francois Abadi, CEO of CACEIS.
(1 dollar = 1.0256 euros)