French banks Crédit Agricole and Société Générale plan to announce Monday an agreement to combine large parts of their asset-management operations, reports the WSJ.  The banks aim to create a joint venture with about €700bn ($909bn) in assets under management, a move that would help them cut costs. Crédit Agricole, France’s second-largest bank by market value after BNP Paribas, will hold a 70% interest in the new venture. SocGen, the third largest, will own the rest, said people close to the deal.

This entry was posted by Gwen Robinson on Monday, January 26th, 2009 at 5:47 and is filed under Capital markets. Tagged with credit agricole, SocGen. Edit this entry.