Credit Agricole and Societe Generale unveil identity of new joint venture

Tue. October 27, 2009; Posted: 01:04 PM

Oct 27, 2009 (Datamonitor via COMTEX) -- SCGLY | Quote | Chart | News | PowerRating -- Credit Agricole and Societe Generale have unveiled the identity of their new joint venture, called Amundi.

The unveiling of Amundi is the latest stage in the alliance process, which is advancing on schedule. The project was approved by the French supervisory authorities, AMF and CECEI, in September 2009. Subject to the approval of the European competition authority, Amundi will come into being on January 1, 2010.

According to Credit Agricole, the entity will offer a high performance asset management offering to institutional clients.

Yves Perrier, chairman and CEO of Credit Agricole Asset Management Group and future CEO of Amundi, said: "Our aim is to make Amundi a key player in the European asset management industry, not just through sheer size, but also through four crucial factors: product quality, measured by financial performance and transparency; close relations with customers, partners' networks and institutions, with whom it will work on a long-term basis; the efficiency of its organization, resulting from the individual and collective talents of its teams; a commitment to integrate sustainability and social purpose criteria into its investment policies, alongside financial criteria."

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