Amundi Asset Management has been established as a joint venture between Societe Generale and Crédit Agricole in 2010.
With this IPO, Amundi will secure access to a new source of financing, enhance its strategic and financial flexibility and support its development in France and internationally.
Meanwhile, Crédit Agricole has agreed to divest around 2% stake in Amundi to Agricultural Bank of China, in order to bring its ownership from the current 80% to between 74.6% and 77.6%.
Agricultural Bank of China is said to be one of the top four banks in China with 450 million retail customers.
Crédit Agricole CEO Philippe Brassac said: "This transaction confirms the strategic importance of asset management within the Credit Agricole Group, and its role as a key driver of the overall development of the Group."
Amundi is an investment manager that provides research, accounting, risk control, management control, treasury, and marketing management solutions for its clients.
It manages separate client-focused portfolios, as well as launches and manages equity, fixed income, and balanced mutual funds for its clients.
Societe Generale recently completed the acquisition of a stake in Mauritius Commercial Bank Mozambique (MCBM).
It is the majority stakeholder in MCBM with 65% stake.
Image: Amundi is an investment manager. Photo: courtesy of Pong / FreeDigitalPhotos.net.
