Spain's Banco Santander and France's Crédit Agricole have announced their plans to merge their custody and asset servicing operations to create a business that could have around €3.34bn of assets under custody. Santander Bank said in a joint statement the new business would have €1.83bn in assets under administration forming a truly global player with enhanced growth prospects. Crédit Agricole will own 69.5% of the merged unit and Santander will hold the remaining 30.5%. The majority stake taken by the French bank will keep the brand name of its existing asset management arm Caceis....
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