Multiple LatAm firms assist with Santander, Crédit Agricole JV
Several law firms across diverse Latin American jurisdictions advised Spain’s Santander Securities Services (S3) on its merger with Crédit Agricole’s CACEIS Group.
The new entity combines CACEIS, the custody and asset servicing business of Crédit Agricole, and the Spanish, Brazilian, Mexican and Colombian activities of S3, Santander’s custody and asset servicing business.
The merger results in Crédit Agricole and Santander holding a 69.5 per cent and 30.5 per cent share of CACEIS respectively.
The combined CACEIS and S3 businesses would deliver scale and stronger competitive positioning as it benefits from enhanced geographical presence, the full coverage of the value chain and an expanded offering for both existing and new clients, Santander said in a statement.
In Brazil, Santander was advised by Pinheiro Neto, and in Mexico by Creel, García-Cuellar, Aiza y Enríquez, and by Philippi Prietocarrizosa Ferrero DU & Uría in Colombia, while Santamarina + Steta advised CACEIS in Mexico.
Jean-François Abadie has been confirmed as chief executive officer of CACEIS while Carlos Rodriguez de Robles (pictured), current general manager of S3, will be leading the Spanish and Latin American activities, reporting to Jean-François Abadie.
“By combining CACEIS and S3, we are becoming an even stronger force in European custody and asset servicing. With an enhanced business scope and geographical coverage, we are now in a position to better support our clients’ business development objectives,” Carlos Rodríguez de Robles, S3’s general manager, said
“With an enhanced business scope and geographical coverage, we are now in a position to better support our clients’ business development objectives,” he added.
Uría Menéndez advised Banco Santander in Spain, with a team led by Antonio Herrera and Steve Hess.
