SG and Agricole agree on asset management tie-up.
Global Banking News - 23 January 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
French banks Credit Agricole (CAGR.PA) and Societe Generale (SocGen) (SOGN.PA) (OTC: SCGLY) have agreed in principle to a possible merger of their asset management divisions, Reuters has reported citing financial daily l'Agefi.
The deal would be structured with Agricole's CAAM fund management arm owning 70 percent of a new combined entity, while SocGen's SGAM division would have 30 percent.
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