CACEIS and Fastnet have merged their banks in Luxembourg, after CACEIS bought the remaining 47.5 per cent of Fastnet’s business in Luxembourg and now owns all of it.

The financial value of the share purchase price was not disclosed.

Pierre Cimino, managing director of CACEIS in Luxembourg, said in a statement that he hopes the merger can boost the firm’s progress in the country. The new entity will be known as CACEIS Bank Luxembourg. 

CACEIS is a member of the heavyweight French banking group Crédit Agricole, after a takeover in mid-2009. It has about $3.2 billion under custody.