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



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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)

(Reuters)

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