Societe Generale is in exclusive talks to sell most of asset manager Lyxor to Amundi for 825 million euros ($979 million) and complete the French bank’s corporate restructuring while boosting Amundi’s market share.
SocGen said on Wednesday that the capital gain from the Lyxor sale would be around 430 million euros, adding that the transaction would conclude the “refocusing programme” it launched in 2018.
CEO Frederic Oudea is revamping SocGen’s markets business and exiting some areas after losses in structured products wiped out earnings at its equities business in the first half of last year.
Amundi, which is a subsidiary of French bank Credit Agricole, said the proposed deal would make it Europe’s leader in ETFs. “The acquisition of Lyxor will accelerate the development of Amundi, as it will reinforce our expertise, namely in ETF and alternative asset management,” said Amundi CEO Yves Perrier.
Read more at Reuters
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