RBC to sell European asset services business

By Staff | October 17, 2022 | Last updated on October 17, 2022
1 min read

Royal Bank of Canada has entered an agreement to sell its European asset services business to CACEIS, the asset servicing banking group of Crédit Agricole S.A. and Santander.

The memorandum of understanding signed Monday is for CACEIS to acquire RBC Investor Services’ European custody, global custody foreign exchange, fund administration, transfer agency, middle office and securities lending services. CACEIS would also acquire RBC’s Malaysian centre of excellence.

RBC Investor Services has assets under administration (AUA) in Europe of around €1.2 trillion and assets under custody (AUC) in Europe of around €0.5 trillion, according to a release from the firms.

The acquisition would bring CACEIS’ AUC to €4.8 trillion and its AUA to €3.5 trillion.

Terms of the deal, which is expected to close in the third quarter of 2023, were not disclosed.

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.