Amundi targeting £7bn IPO by year-end

The shareholders are targeting a £7bn market capitalisation for Amundi, Credit Agricole CEO Philippe Brassac told French publication Les Echos.

Having taken office one month ago, Brassac revealed proceeds from the flotation are to be used by Amundi to grow via bolt-on acquisitions.

According to Crédit Agricole, the bank intends to retain its majority stake in the business, while minority shareholder Societe Generale has plans to fully exit the 20% it currently controls.

Created as a joint venture by the two banks in 2009, Amundi is an asset manager that currently oversees assets worth €950bn.

Its private equity arm, Amundi Private Equity Funds, currently holds 21 portfolio companies, according to unquote" data. Recent transactions include a €15m funding round in French software developer Augure in March alongside five other investors and the acquisition of English-style pub chain operator Frogpubs from Ciclad in December 2014.

Should it go forward, the public listing would complete Societe Generale's gradual disengagement from Amundi. The bank originally held a 25% stake, but divested a further 5% to Crédit Agricole in 2013 in exchange for the remaining 50% stake held by the latter in multi-asset broker Newedge.

According to Societe Generale, the scenario of an IPO for Amundi in 2015 was foreseen in the partnership agreement both banks sealed five years ago. The document included a clause entitling Societe Generale to a full sale of its stake, an option it has decided to exercise in its efforts to optimise its asset portfolio.

In parallel with the IPO, Societe Generale has announced it is to continue its involvement with Amundi even if it is no longer a shareholder. Both sides have struck a five-year partnership whereby Amundi will advise the bank on savings- and investment-related products.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• France
• GPs
• France
• IPO
• Credit Agricole Corporate & Investment Bank
• Societe Generale