Finance
Santander Pulls Out of Custody Unit Run With Credit Agricole
This article is for subscribers only.
Banco Santander SA is ending its involvement in a custody and asset servicing unit it set up with Credit Agricole SA five years ago.
Santander has signed an agreement with Credit Agricole to sell to it the 30.5% it owns in the unit called Caceis, turning the French lender into its sole owner, according to a statement on Thursday. The deal is part of Santander’s strategy to shift capital to where it achieves the best returns, it said in the statement.