BNP Paribas Securities Services and CACEIS have announced plans to combine their issuer services into a joint venture.
The business, which will be owned equally by the two banks, would cover operational services such as shareholder recordkeeping, organising and centralising general meetings, setting-up and centralising financial operations, and managing employee shareholding plans.
"We are delighted with this plan to join forces with CACEIS to create a leading service provider dedicated to share issuers,” said Patrick Colle, general manager, BNP Paribas Securities Services. “In a complex and constantly changing environment, securities issuers need evolving services.
“This ambitious project underlines our commitment to our issuer clients."
The transaction is scheduled to complete at the end of 2022.
“This agreement illustrates our ability to develop strong industrial partnerships allowing the creation of leaders in our business lines,” said Jean-François Abadie, chief executive, CACEIS. “Our joint venture with BNP Paribas Securities Services will create a major player in issuer services and provide clients with a broad range of products meeting the highest market standards."
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