HSBC France has sold its issuer services business to CACEIS, enabling the latter to strengthen its market position in France.
The sale relates to the management of registered share account activity for issuing companies. These accounts will be transferred to CACEIS Corporate Trust, the issuer services subsidiary of CACEIS, commencing in the second quarter of 2006, through to December 2006.
HSBC France intends to focus on its stock option scheme and bonus share issue management businesses which are not included as part of this sale.
The deal will enable CACEIS to strengthen its market position in line with its growth strategy. Clients are expected to benefit from the experience and long term support offered by the company.
CACEIS combines the securities services business lines of Crédit Agricole S.A. and Caisse Nationale des Caisses d'Epargne, dedicated to depositary and custodial services, fund administration and issuer services for institutional and corporate clients. Present in six European countries (France, Luxembourg, Ireland, Spain, Belgium and the Netherlands) and with a total of 2,400 employees, CACEIS is one of the world's leading providers of custodial services with EUR 1,547 billion in assets, and is one of the leading European fund administrators with a total of EUR 746 billion of assets under administration (figures as at 31 December 2005).