Forbes – French bank Societe Generale (SocGen) plans to reduce its holdings in its China fund joint venture due to regulatory concerns after a global reorganisation, two people familiar with the situation said.

SocGen already owns a fund venture with a unit of Shanghai Baosteel Group, and will become an indirect stakeholder in Credit Agricole’s Chinese venture after the two banks complete a planned merger of their global asset management businesses.

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Reuters – Societe Generale and Credit Agricole have signed a preliminary agreement to merge their asset management arms and create a top 10 global player, the French banks said on Monday.

The new company will be 70 percent owned by Agricole and 30 percent owned by SocGen.

According to proforma figures from September 30, 2008, the new entity would have 638 billion euros ($826.5 billion) of assets under management. It would have revenues of 1.8 billion euros and an operating profit of 900 million euros.

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Tags: asset-management, assets-under-management, credit agricole, french banks, global player, management arms, operating profit, preliminary agreement, reuters, socgen, societe generale