PARIS (dpa-AFX) - Credit Agricole S.A. agreed to acquire Santander's 30.5% stake in CACEIS, the asset servicing provider. With the transaction, Credit Agricole S.A. will gain full ownership of CACEIS, controlling 100% of its share capital.
In parallel to the transaction, CACEIS and Santander are maintaining their long-term partnership. Their joint venture for the Latin American operations will remain jointly controlled.
Completion of the transaction is expected to take place during 2025.
Credit Agricole Group noted that the transaction is consistent with its targets in terms of return of investment and return on tangible equity, and will have a negative impact of approximately 30 basis points on the fully-loaded CET1 ratio of Crédit Agricole S.A.
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