Crédit Agricole and Santander completed the creation of a custody and asset servicing entity.

Crédit Agricole and Santander completed the creation of a custody and asset servicing entity. The transaction entailed the contribution of 100% of S3 Spain and 49.99% of S3’s operations in Latin America to CACEIS. As a result of this contribution, Crédit Agricole S.A. and Santander hold 69.5% and 30.5% of CACEIS. Financial terms were not disclosed. The new entity combines CACEIS, the custody and asset servicing business of Crédit Agricole, and the Spanish, Brazilian, Mexican and Colombian activities of S3, Santander’s custody and asset servicing business. "By joining forces in the asset servicing business, Crédit Agricole and Santander are giving a strong signal to their clients and to the market. 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," Philippe Brassac, Crédit Agricole CEO.