Crédit Agricole S.A. today announced that it has entered into exclusive negotiations with Société Générale concerning the following transactions:
- The disposal by Crédit Agricole CIB of its 50% stake in the Newedge Group to Société Générale , their brokerage joint venture.
- The concurrent acquisition by Crédit Agricole S.A. from Société Générale of a 5% stake in Amundi, their jointly owned asset management company. Following this acquisition, Crédit Agricole would own 80% of Amundi and Société Générale, 20%. This sale would not have any impact on the current governance structure of the company. Amundi would remain the leading provider of savings solutions across Societe Generale’s retail banking networks. Within the framework of the transaction, these distribution agreements would be extended through the end of 2019 from the initial expiration date scheduled for the end of 2014.