By Elena Vardon
Spain's Santander is set to sell its 30.5% stake in Credit Agricole's Caceis to the French lender, bringing the asset manager back into its full ownership.
Credit Agricole will own 100% of Caceis following the transaction, which is set to close during 2025, it said late Thursday.
Under the deal, the long-term partnership between Caceis and the Spanish bank will be maintained and they will both keep control of their joint venture for their Latin American operations, it added.
The banks joined forces in 2019 to merge their custody and asset servicing operations in a transaction that brought the Spanish, Brazilian, Mexican and Colombian activities of Santander Securities Services together with Credit Agricole's Caceis under the Caceis name. The French group held 69.5% of the combined group while Santander owned the remaining 30.5%.
The stake purchase will have a negative impact of around 30 basis points on its fully-loaded common equity Tier 1 ratio, Credit Agricole said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
December 20, 2024 01:25 ET (06:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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