Amundi valued at €7bn ahead of IPO

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In an interview with French newspaper Les Echos, Philippe Brassac, CEO of Credit Agricole SA, Amundi’s major shareholder, said the value of the asset manager would reach at least €7bn for a possible initial public offering.

Amundi’s shareholders have recently announced plans to list Amundi by the end of the year.

He told the newspaper that when Credit Agricole SA acquired an added 5% stake in Amundi from Societe Generale in 2014, Amundi’s value amounted to €6.7bn. Listed asset managers’ value have increased around 13 to 16 times their revenues, Brassac stressed.

Brassac pointed out that Amundi’s IPO has been planned since the launch of the firm in 2010. Being listed would give Amundi more financial flexibility for further acquisitions, he also said.

He added that no other IPO would be launched for other subsidiaries of the group.

Amundi has €945bn of assets under management as at 31 March 2015.

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