Credit Agricole takes larger stake in Amundi

Signing contractCredit Agricole is paying €337.5 million to increase its stake by 5% in Amundi, the Paris-based asset manager it jointly owns with Societe Generale. After the deal Societe Generale will own 20% and Credit Agricole will own 80%. The governance structure is not affected. Distribution agreements, which make Amundi the leading provider to Societe Generale’s retail banking network, will be extended to expire at the end of 2019 rather than at the end of 2014. Amundi was created in 2010 based on a business model that aims to provide high-performance savings solutions to the customers of several partner networks. Yves Perrier, chief executive of Amundi, says that in three years, Amundi has become number one in asset management in Europe with more than €750 billion in assets under management. This week Credit Agricole reported its third quarter results. It says new inflows for Amundi remained positive in the first nine months of 2013 at €1.1 billion despite rather unfavourable market conditions in the third quarter of 2013. ©2013 funds europe

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