After receiving regulatory approval from European Union, Credit Agricole has acquired parts of Societe Generale’s asset management arm SGAM Group. Credit Agricole and Societe Generale have said that Amundi, their combined asset management arm, will be incorporated on 31 December 2009 and start operations on 1 January 2010.
The board comprises 15 members, two-thirds of whom will be appointed by the Credit Agricole Group and one-third by Societe Generale. Once the capital contributions to the new entity are complete, Amundi will be 75% owned by Credit Agricole and 25% by Societe Generale.
Georges Pauget, CEO of Credit Agricole will be chairman of the board of directors. Severin Cabannes, deputy CEO of Societe Generale, will be vice-chairman. Yves Perrier, head of asset management and institutional services of Credit Agricole and chairman and CEO of Credit Agricole Asset Management Group (CAAM), will be Amundi’s CEO.
Both the firms have said that the new entity would help strengthen the position of Paris as a financial centre. With more than EUR650bn under management, Amundi intends to supply savings solutions to the retail banking networks of the Credit Agricole and Societe Generale groups in France and abroad. Amundi will also offer asset management offering to institutional clients.
