Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  24.09.2019  
C(2019)  6963 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M. 9420 – CREDIT AGRICOLE / BANCO SANTANDER / 
SANTANDER SECURITIES SERVICES  
Commission decision pursuant to Article 6(1)( b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 02 September  2019, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  (i) CACEIS 
S.A. ( “CACEIS ”, France), controlled by Crédit Agricole S.A. (“CASA”, France)  
acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control 
over Santander Securities Services, S.A.U. (“S3 Spain” , Spain), controlled by 
Santander Investment  (“Santander Investm ent”, Spain , which is in turn directly 
controlled by Banco  Santander, S.A., Spain ), and ( ii) CACEIS and Santander 
Investment acquire, within the meaning of Article 3(1)(b) and 3(4) of the Merger  
Regulation , joint control  over S3 Latam Holdco 1 (Spain), a newly created company, 
which will comprise the Brazilian, Mexican and Colombian busines ses currently 
owned by S3 Spain. The concentration is accomplished by way of purchase of shares.3 
2. The business activities of the undertakings concerned are:  
− CACEIS: provides asset servicing to corporate clients, institutional investors, 
banks and brokers;   
− Santander Investment: carries out all kinds of activities, operations and services  
inherent to the ba nking business in general and/or related to it; the acquisition,  
holding, enjoyment, administration and disposal of transferable securities,  shares 
or holdings in Spanish and foreign companies; and the provision of  investment 
services and, where appropriat e, complementary activities thereto;  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 306, 10.9.2019, p. 2. 

 
2 − S3 Spain and S3 Latam Holdco 1: provide  post-trade services, such as depositary, 
custody, fund administration an d securities servicing services  for institutional 
investors. 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5 (c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission 
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.