Crédit Agricole and Societe Generale have launched the project of an initial public offering of their joint asset management subsidiary Amundi with the aim of obtaining a listing before the end of the year, subject to market conditions.
The project will be submitted to the employee representative bodies.
Founded in 2010, Amundi has €954bn of assets under management as of the end of March 2015. It is 80% owned by Crédit Agricole Group and 20% by Societe Generale.
This operation would underpin the development of Amundi and provide liquidity to Societe Generale.
Societe Generale could sell its entire stake, as enshrined in the shareholder pact that was agreed at the creation of the asset manager.
“Amundi and Societe Generale will continue their industrial partnership following the initial public offering. Amundi will remain the provider of reference for savings and investment solutions for Societe Generale’s retail and insurance networks for a period of five years, renewable,” both firms said in a joint press release.