Crédit Agricole S.A. announced the 7th November 2023, 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.
End of talks
- Crédit Agricole CIB will sell to Société Générale its 50% stake in Newedge Group, the two companies' brokerage joint venture, for €275m.
- In parallel, Crédit Agricole S.A. will acquire from Société Générale a 5% stake in Amundi, their joint asset management subsidiary, for €337.5m.
Crédit Agricole will therefore own 80% of Amundi and Société Générale 20%.
This change in the breakdown of Amundi's shareholder structure between Crédit Agricole and Société Générale will have no effect on our company's governance.
Amundi will remain the leading supplier of savings and investment solutions for the retail banking networks of Société Générale; the distribution agreements have been extended until end-2019.
