SocGen, Agricole to merge asset management units

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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