1209 GMT - Santander's disposal of its stake in Caceis could be the first in a string of similar deals, brokerage Renta4 says. The Spanish bank agreed to sell its holding in the asset servicing bank to Credit Agricole, which already owns the rest. The French and Spanish lenders joined forces in 2019 to merge their custody and asset servicing operations into a joint venture under the Caceis name. The news is positive but shares shouldn't move on the back of this, analyst Nuria Alvarez Anibarro writes. "We should continue to see similar transactions in line with [Santander's] capital optimization strategy," she adds. Shares in Santander and Credit Agricole fall in line with the wider market. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
December 20, 2024 07:10 ET (12:10 GMT)
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