November 5, 2013 / 7:30 PM / 5 years ago

SocGen, Agricole deal on Newedge, Amundi seen November 7: paper

The logo of French bank Societe Generale is seen on a building in the financial district of La Defense near Paris August 1, 2013. REUTERS/Benoit Tessier

PARIS (Reuters) - French bank Societe Generale (SOGN.PA) will announce on Thursday that it is buying Credit Agricole’s (CAGR.PA) 50-percent stake in their Newedge brokerage joint venture, French daily Le Figaro said on its website on Tuesday.

Under the agreement Credit Agricole will also raise its stake in Amundi - the fund management business jointly owned by the two banks - to 80 percent from 75 percent, the paper said.

SocGen declined to comment. Credit Agricole was not immediately reachable for comment.

Reuters reported in June that Credit Agricole was in talks to sell its Newedge stake to SocGen.

Reporting by James Regan and Noelle Mennella; editing by David Evans

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