Crédit Agricole/Santander asset servicing joint venture analysed

Author: Jimmie Franklin | Published: 14 Feb 2020

Following an integration that closed on 20 December 2019, Santander and French counterpart, Crédit Agricole (CASA), have combined their custody and asset servicing provider after the Spanish bank carved out its asset servicing arm, S3.

Santander and CASA now respectively hold 30.5% and 69.5% of CACEIS, the parent company of the CACEIS Group, in which S3 Group's operations in Spain have been integrated, while Santander and CACEIS will jointly control the S3 Group's businesses in Latin America. The resulting entity will operate under the CACEIS brand in Europe and Asia and under the Santander (or S3) CACEIS brand in Latin America. It now has approximately €3.9 trillion ($4.2 trillion) in assets under custody and €2.1 trillion ($2.2 trillion) in assets under administration.

"What is significant about this deal is that we have two large financial institutions putting their heads together to create a global...