French banking group Credit Agricole has snapped up Natixis’ 15% stake in CACEIS, its investor services arm, for an undisclosed sum.
The deal offers the French lender sole ownership of CACEIS, which has around €2.6 trillion euros in assets under custody, €1.7 trillion in assets under administration and operates in nine countries across Europe.
The bank expects the transaction to be accretive to its earnings as of 2018. It also said that the deal will have a negative impact on its CET1 ratio.
“Backed by strong momentum on the equity markets, CACEIS, which is already showing strong growth, is attracting new customers as it expands its product range. This acquisition will reinforce the benefits of integrating CACEIS into Crédit Agricole S.A. group’s Large Customers business line,” the French lender noted.