CREDIT AGRICOLE SA: CACEIS and Royal Bank of Canada complete
acquisition of RBC Investor Services’ operations in Europe and
Malaysia
Press Release
CACEIS and Royal Bank of Canada
complete acquisition ofRBC
Investor Services’ operations in Europe and
Malaysia
Paris /
Toronto, 3
July 2023 -
Today CACEIS, subsidiary of the Crédit Agricole group and
Santander, and Royal Bank of Canada (RBC) announced completion of
the sale by RBC and purchase by CACEIS of the European asset
servicing activities of RBC Investor Services and its associated
Malaysian centre of excellence.
This transaction, which has received all
required regulatory and antitrust approvals, combines two strong
asset servicing operations in Europe.
With this transaction, CACEIS gains broader
international coverage and an expanded offering for all its
clients. Covering the entire value chain, CACEIS is strengthening
its leading position in European asset servicing.
CACEIS’ acquisition of the business of the UK
branch of RBC Investor Services Trust and RBC Investor Services
business in Jersey is expected to take place in the coming months,
subject to the receipt of the necessary regulatory approvals.
The results of the sold operations have a de
minimis impact to RBC's common equity Tier 1 (CET1) ratio and
earnings per share (EPS).
The transaction excludes RBC Investor Services'
Canadian operations.
Jean-Pierre
Michalowski, CEO of CACEIS, commented:
“This deal further strengthens CACEIS’ leadership position as a
front-running asset servicing player. I believe that the staff who
are joining us are proud to be part of our group. Together we will
construct the benchmark for the sector in Europe. With motivated
individuals all working collectively to serve our clients, we are
on the right track.”
Francis Jackson, CEO
of RBC Investor Services, added: “We are
incredibly proud of the business we have built in Europe and
pleased that both clients and employees of our business will
benefit from being part of what is expected to become one of the
largest asset servicing providers in Europe. We believe the
complementary services, combined scale and joint expertise of RBC’s
Investor Services' European business and CACEIS will bring more
opportunity for employees and greater value for clients. ”
About
CACEISCACEIS is the asset servicing banking group of
Crédit Agricole S.A. and Santander dedicated to asset managers,
insurance companies, pension funds, banks, private equity and real
estate funds, brokers and corporate clients. Through offices across
Europe, North and South America, and Asia, CACEIS offers a broad
range of services covering execution, clearing, forex, securities
lending, custody, depositary and fund administration, transfer
agency, fund distribution support, middle office outsourcing and
issuer services. With assets under custody of €4.1 trillion and
assets under administration of €2.2 trillion, CACEIS is a European
leader in asset servicing and one of the major players worldwide
(figures as of 31 December 2022).
www.caceis.com
About RBC
Royal Bank of Canada is a global
financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 98,000+ employees who leverage their imaginations and insights
to bring our vision, values and strategy to life so we can help our
clients thrive and communities prosper.
As Canada's biggest bank and one of the largest in the
world, based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our 17 million clients in Canada, the U.S. and
27 other countries. Learn more at rbc.com.
We are proud to support a broad range of
community initiatives through donations, community investments and
employee volunteer activities. See how
at rbc.com/community-social-impact.
Contacts: |
|
CACEISClaude MichauxTel :
+352 47 67 27 92claude.michaux@caceis.com |
RBC Europe: Janita HungTel: +44
7548 311 208 janita.hung@rbc.com Canada: Ylana
KurtzTel: 416 348 2330ylana.kurtz@rbc.com
RBC Investor Relations: Asim Imran Tel: 416 955
7804asim.imran@rbc.com
|
Caution Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of certain securities laws, including
the "safe harbour" provisions of the United States Private
Securities Litigation Reform Act of 1995 and any applicable
Canadian securities legislation, with respect to RBC's and CACEIS'
financial performance, beliefs, plans and expectations.
Forward-looking statements in this press release may include, but
are not limited to, statements with respect to plans for the
combined operations of CACEIS and RBC Investor Services, the
anticipated timing of CACEIS’ acquisition of the business of the UK
branch of RBC Investor Services Trust and RBC Investor Services
business in Jersey, the financial, operational and capital impacts
of the transaction, our strategies or future actions, and our
objectives and commitments. The forward-looking information
contained in this press release is presented for the purpose of
assisting the holders of our securities and financial analysts in
understanding the transaction and may not be appropriate for other
purposes. Forward looking statements are typically identified by
words such as "believe", "expect", "foresee", "forecast",
"anticipate", "intend", "estimate", "goal", "commit”, "target",
"objective", "plan" and "project" and similar expressions of future
or conditional verbs such as "will", "may", "might", "should",
"could" or "would".
By their very nature, forward-looking statements
require us to make assumptions and are subject to inherent risks
and uncertainties, which give rise to the possibility that our
predictions, forecasts, projections, expectations or conclusions
will not prove to be accurate, that our assumptions may not be
correct and that our actual results may differ materially from such
predictions, forecasts, projections, expectations or
conclusions.
We caution readers not to place undue reliance
on these statements as a number of risk factors could cause our
actual results to differ materially from the expectations expressed
in such forward-looking statements. These factors – many of which
are beyond our control and the effects of which can be difficult to
predict – include, but are not limited to: the possibility that the
anticipated benefits from the transaction, such as delivering scale
and covering the entire value chain, are not realized in the time
frame anticipated or at all as a result of changes in general
economic and market conditions, interest and exchange rates,
monetary policy, laws and regulations (including changes to capital
requirements) and their enforcement, and the degree of competition
in the geographic and business areas in which RBC Investor Services
and CACEIS currently operate; the risk that any announcements
relating to the combination could have adverse effects on the
market price of the common stock of RBC; the possibility that the
business of RBC Investor Services and CACEIS may not perform as
expected or in a manner consistent with historical performance; the
ability to promptly and effectively integrate RBC Investor
Services; our ability to achieve our capital targets; our ability
to cross-sell more products to customers; reputational risks and
the reaction of RBC Investor Services' customers and employees to
the transaction; diversion of management time on
integration-related issues; increased exposure to exchange rate
fluctuations; material adverse changes in economic and industry
conditions; general competitive, economic, political and market
conditions; and other risks discussed in the risk sections of RBC’s
2022 Annual Report and the Risk management section of RBC’s Q2 2023
Report to Shareholders, all of which outline certain key factors
and risks that may affect our future results and our ability to
anticipate and effectively manage risks arising from all of the
foregoing factors.
We caution that the foregoing list of risk
factors is not exhaustive and other factors could also adversely
affect our results. When relying on our forward-looking statements
to make decisions with respect to us, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. Material economic assumptions underlying the
forward-looking statements contained in this press release are set
out in the Economic, market and regulatory review and outlook
section and for each business segment under the Strategic
priorities and Outlook sections in RBC’s 2022 Annual Report, as
updated by the Economic, market and regulatory review and outlook
section of RBC’s Q2 2023 Report to Shareholders.
Any forward-looking statements contained in this
document represent the views of RBC and CACEIS only as of the date
hereof. Except as required by law, neither RBC nor CACEIS
undertakes to update any forward-looking statement, whether written
or oral, that may be made from time to time by us or on our
behalf.
- 2023 07 03 PR CACEIS - Closing RBC IS
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