“We are delighted to have achieved this major milestone and to now be united under Caceis,” said Jean-Pierre Michalowski, chief executive officer of Caceis, in a press statement on Monday 3 June, following the successful integration of RBC’s European entities by Caceis investor services. Photo: Caceis

“We are delighted to have achieved this major milestone and to now be united under Caceis,” said Jean-Pierre Michalowski, chief executive officer of Caceis, in a press statement on Monday 3 June, following the successful integration of RBC’s European entities by Caceis investor services. Photo: Caceis

Caceis has completed the integration of RBC's European asset servicing activities, consolidating various entities and unifying staff under one legal structure as of 1 June 2024, stated the bank in a press release on Monday 3 June. Caceis employs over 7,000 people across 18 countries, with nearly a third of them based in Luxembourg.

Caceis, an asset servicing banking group of Crédit Agricole and Santander, has successfully integrated the European entities of Caceis investor services (formerly RBC investor services) as of 1 June 2024, the bank on Monday 3 June 2024. This milestone comes less than a year after Royal Bank of Canada’s European asset servicing activities. The integration brought all staff under unified legal structures across various locations, including Luxembourg.

The project, which began following regulatory approvals, involved the consolidation of entities in France, Luxembourg, Belgium, Ireland and Switzerland. The migration of ex-RBC clients to Caceis systems is underway and is expected to conclude by the end of 2024.

At the end of March 2024, Caceis recorded over €5trn in assets under custody and more than €3.4trn in assets under administration.

A Caceis representative told Delano that this integration marks a significant step in Caceis’s development strategy, particularly highlighting the importance of its Luxembourg entity. The Luxembourg unit manages €727bn in assets under custody and €1.026trn in assets under administration, employing 2,067 staff members.

Jean-Pierre Michalowski, chief executive officer of Caceis, expressed satisfaction in the successful integration and acknowledged the trust and efforts of both new and existing clients and staff in a press announcement. He stated, “Our group, with more than 7,000 men and women working in 18 countries around the world, is seeing the first positive effects of this acquisition.” Michalowski also emphasised the enhanced capability of Caceis to support clients in achieving their business objectives following the integration.

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