SocGen, Credit Agricole to create joint venture

Societe Generale and Credit Agricole agreed to combine much of their asset-management operations through a joint venture with roughly €700 billion in assets under management, a source said. Credit Agricole will hold 70% interest, while Societe General will hold 30%. The French banks' venture will be among the top 10 asset-management companies in the world, a person familiar with the situation said.

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