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Credit Agricole SA announces closing of deals with Societe Generale
Credit Agricole SA:Announces the closing of two concomitant deals with Societe Generale.The sale by Credit Agricole CIB to Societe Generale of its 50 percent stake in Newedge Group, their brokerage joint venture, for 275 million euros.Credit Agricole S.A.'s acquisition from Societe Generale of a 5 pct interest in Amundi, their jointly owned asset management subsidiary, for 337.5 million euros.Says after closing the deal, Credit Agricole owns 80 pct of Amundi and Societe Generale owns 20 pct.Says the sale has no effect on the company's governance structure and Amundi remains the supplier of savings and investment solutions for Societe Generale's branch bank networks, under distribution agreements extended until the end of 2019.
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