Following plans announced in March 2022, France-based custodians BNP Paribas Securities Services and CACEIS have now received their regulatory green light and gone through with the merger of their issuer services divisions into a joint venture. Uptevia is the new name to remember.
“Uptevia offers issuers a wide range of services including shareholder recordkeeping (shares, bonds, warrants, etc.), organising and centralising general meetings, setting up and centralising financial operations, and managing employee shareholding plans. Uptevia will also provide equivalent services for fixed income products such as bonds and negotiable debt securities,” the two parent companies state in a joint press release.
The new entity is formed with the explicit aim “to be a leading specialist in issuer services in France and eventually across Europe”.
The merger does not affect activities that BNP Paribas and CACEIS perform outside the specialty of issuer services. Also, the debt activities of BNP Paribas Securities Services stay outside.