CACEIS, the asset servicing banking group of Crédit Agricole S.A. and Santander, has signed a memorandum of understanding with Royal Bank of Canada for CACEIS to acquire the European asset servicing activities of RBC Investor Services and its associated Malaysian centre of excellence. This would include custody, global custody FX, fund administration, transfer agency, middle office and securities lending.
RBC Investor Services holds AuA in Europe of around EUR1.2trn (USD1.2trn) and AuC of around EUR0.5trn USD0.5trn). Together, the combined entity of RBC Investor Services and CACEIS would have around EUR4.8trn (USD4.8trn) AuC and EUR3.5trn (USD3.5trn) AuA (all figures as at 31/03/2022).
The execution of the final agreements between CACEIS and RBC requires prior consultation with the relevant works councils of CACEIS. Completion of the proposed transaction will be subject to customary closing conditions, including regulatory and antitrust approvals, and is expected to take place by the end of the third quarter of the 2023 calendar year.