Credit Agricole and Santander plan to merge their asset service and conservation activities


PARIS (Reuters) РFrench bank Cr̩dit Agricole and Spanish bank Santander announced on Wednesday that they intend to merge their operations into conservation and asset services.

In a joint statement, banks said the new entity will have assets under conservation worth about 3340 billion euros ($ 3.8 trillion) and assets under management worth about 1833 billion euros.

Credit Agricole will have a large part of the merged unit, which will maintain the business name of the asset management arm of Credit Agricole, Casis.

The French bank will have 69.5%, while Santander will have 30.5%. Santander Securities Services will be incorporated in Spain and Latin America in Cassis.

(USD = 0.8846 Euro)



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