Euroclear acquires Belgian and Dutch depositories
EUROPE – Euroclear, the Brussels based global settlement system has finalised agreement with pan-European stock exchange Euronext on the consolidation of both CIK and Necigef, the central securities depositories (CSDs) of Belgium and the Netherlands, into the Euroclear group.
In addition Euroclear will also acquire a 20% stake in Clearnet, the clearing company of Euronext.
Euroclear Bank will initially take a 51% stake in Necigef before buying the remaining stock by April 2002 at the latest.
Special local market requirements for CIK in Belgium mean that Euroclear will effect its consolidation through the purchase of CIK’s book-entry settlement and custody business book, rather than merging with CIK itself.
The transfer of CIK’s business book must be completed within two years of the final closure of the deal.
Completion of the deal will bring to five the number of European settlement systems, including those of Ireland and France, that have been brought into the Euroclear group since last year.