The combination with Santander expands CACEIS' reach to Spain and Latin America, giving the combined unit €5.1 trillion in AuC/A.
In collaboration with JP Morgan and Northern trust as the custodian banks, the pilot was conducted in March at Santander’s AGM.
R3 has been hit by confirmed departures from Santander and Goldman Sachs but said it is continuing to recruit new members.
Santander joined R3 in 2015 but has now followed Goldman Sachs in leaving the venture.
The bank’s appointment of a new head of transaction banking follows the appointment of a US boss and a new global head of financial institutions.
The division’s former boss, Carlos Gutierrez, is to become global head of financial institutions in Madrid.
Deutsche Bank and Santander were the only banks to fail for a second year in a row.