- 3 min
Crédit Agricole S.A. announces closing of deals with Société Générale
Crédit Agricole S.A. announced today the closing of two concomitant deals with Société Générale:
- The sale by Crédit Agricole CIB to Société Générale of its 50% stake in Newedge Group, their brokerage joint venture, for €275m.
- Crédit Agricole S.A.'s acquisition from Société Générale of a 5% interest in Amundi, their jointly owned asset management subsidiary, for €337.5m. After closing the deal, Crédit Agricole owns 80% of Amundi and Société Générale owns 20%. The sale has no effect on the company's governance structure and Amundi remains the leading supplier of savings and investment solutions for Société Générale's branch bank networks, under distribution agreements extended until the end of 2019.
The two transactions are consistent with the medium-term plan unveiled by Crédit Agricole Group on 20 March 2014:
- in the case of Newedge, completion of the Group's refocusing by disposing of non-core assets,
- in the case of Amundi, preparing for tomorrow's growth, as asset management is one of the businesses in which the Group wants to accelerate expansion in Europe.
Completion of the transactions received all of the necessary authorisations from the relevant regulatory authorities.