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CASA Group news / Amundi acquires Pioneer Investments

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Crédit Agricole S.A. News in 60 seconds
13 December 2016
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Amundi acquires Pioneer Investments

Amundi recently signed a €3.54 billion agreement with UniCredit to acquire Pioneer Investments. About €1.5 billion of the price will be financed by Amundi's excess equity, about €1.4 billion by a rights offering, and the remainder - about €0.6 billion - through senior and subordinated debt. The capital increase is to be launched in H1 2017 and guaranteed by the Crédit Agricole Group, which will take a holding and post-transaction retain a 66.7% minimum pro forma holding. Pioneer Investments is a well-known player with global and proven asset management expertise, and €222 billion outstanding under management. As part of this transaction, Amundi is to enter into a long-term strategic asset management product distribution partnership with UniCredit. For Crédit Agricole group, this transaction is in line with the objectives of the “Strategic Ambition 2020” Medium Term Plan, which include accelerating organic growth of Amundi’s asset management business and strengthening our presence in Italy. This transaction will boost Amundi's corporate plan and bolster its position as Europe's leading asset manager. Post-acquisition, Amundi will be the eighth-largest management company worldwide, with €1,276 billion outstanding under management.

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ecard 2017

France borrowed €187 billion at an average rate of 0.37% in 2016. This is unprecedented, especially as France's issues were for longer terms - 11.5 years on average. For 2017, the Ministry of Budget, Public Accounts and Civil Administration estimates that 10-year rates will rise to 1.25% by the end of the year. The French presidential election remains the great unknown, however. It could create volatility and widen the rate spread between France and Germany. For investors, the result of this election will determine whether France's debt is considered a high-return or safe-haven type of investment.

In motion
In motion
Crédit Agricole Egypt launches online bank

Crédit Agricole Egypt (CAE) is launching its Ideal online bank with a dedicated digital acquisition platform. This service is new to Egypt's banks; it features simplified procedures to adapt to the new habits of customers: 30 minutes after they apply for an account online, CAE will call the applicants and guide them through the process. They will then have access to all of the bank's attractive and exclusive financing, insurance and savings products. They will also have access to all CAE's online services and their entire network of branches. The launch of this innovative solution fits into both the Cap Digital strategic project and the Ambition Stratégique 2020 MTP.

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Crédit Agricole to partner new AgTech businesses

Following on from FinTech and FoodTech, Crédit Agricole will be supporting AgTech - innovating French agriculture tech start-ups. The North America International Desk at CACIB New York recently helped five French start-ups in Silicon Valley, through the Business France* AgriNest programme, which aims to boost access to the American agriculture market for start-ups. This market is facing new challenges and searching for technological solutions. The Green Data was one of the participants. Hosted by Village by CA in Paris, this start-up is developing a Big Data analysis platform that will help farmers produce more efficiently and sustainably.

Business France is a public body that enhances and promotes abroad the attractiveness of France's products and services, companies and territories. Crédit Agricole and Business France signed a partnership agreement March 2016

Planning for the post-Renzi period

by Paola Monperrus-Veroni (Crédit Agricole S.A. Economic Research Department)

The thousand-day Renzi administration came to an end on 4 December, when Italians resoundingly rejected the prime minister's institutional reform proposals. Although the vote concerned a substantial proportion of the reforms, notably the abolition of the directly elected senate, an end to perfect bicameralism and a cut in the number of senators, the fundamental thrust of the reform had very little to do with the referendum's purpose.

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In brief
Special deals on computer hardware for Group employees

To celebrate the festive season, suppliers Econocom, HP, Dell and ATF Gaia are offering special prices on computer hardware to Crédit Agricole Group employees: discounts of 5-20% on new hardware and attractive prices on reconditioned equipment.

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Discover wheelchair fencing with LCL

As part of its policy of raising awareness to disability, LCL is organising wheelchair fencing demonstration and introduction sessions, featuring Paralympic and Olympic champions. Today in Lyon (18 LCL), Wednesday 14th in Paris (19 LCL) and Thursday 15th in Villejuif (Loire building), LCL will welcome four fencing champions, including three LCL employees. These events are open to employees and to the public*. This is an opportunity to try out this Paralympic sport and see how champions do it!

* 18LCL and 19LCL only  

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13 October 2016 - Amundi acquires Pioneer Investments - 0.37% - Crédit Agricole Egypt launches online bank - Crédit Agricole to partner new AgTech businesses - Planning for the post-Renzi period - Special deals on computer hardware for Group employees - Discover wheelchair fencing with LCL

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