CACEIS, a subsidiary of Crédit Agricole, will acquire activities of RBC Investor Services in Europe | Photo credits: © SP – Crédit Agricole SA
PARIS, Oct 17 (Reuters) – CACEIS, the asset management subsidiary of Credit Agricole and Spanish bank Santander, said on Monday it had reached a preliminary agreement with Royal Bank of Canada to buy the European business of Investor Financial Services from RBC Investor Services.
The acquisition, which should take place by the end of the third quarter of 2023, would provide CACEIS with approximately 4.8 trillion euros in assets under custody and 3.5 trillion euros in assets under administration.
The acquisition of the European asset servicing activities of RBC Investor Services will also lead to the acquisition of its center of excellence in Malaysia.
“This transaction with RBC Investor Services would allow us to consolidate our position as a leading European player in asset servicing,” said CACEIS CEO Jean-François Abadie. (Report Sudip Kar-Gupta, French version Diana Mandiá, edited by Kate Entringer)