SocGen, Agricole to merge asset management units
Monday, January 26, 2009 : PermalinkReuters – 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.
Tags: asset-management, assets-under-management, credit agricole, french banks, global player, management arms, operating profit, preliminary agreement, reuters, socgen, societe generale
trackback from your site.
