The joint venture between Crédit Agricole S.A. and Société Générale has received regulatory approval, with the combined asset management arm Amundi now operational.

With more than €650bn is assets under management, Amundi - which is 75% owned by Crédit Agricole S.A. and 25% by Société Générale - will rank third in Europe and eighth worldwide.

The company aims to implement a two-pronged strategy: an asset management offering to institutional clients where it will benefit from an extensive marketing coverage in more than 30 countries; and a supply savings solutions to the retail banking networks of the Crédit Agricole and Société Générale groups in France and abroad.

Yves Perrier, head of asset management and institutional services at Crédit Agricole and chairman and chief executive officer of CAAM Group, will be Amundi's CEO. Georges Pauget, CEO of Crédit Agricole, will chair the board of directors; while Séverin Cabannes, deputy CEO of Société Générale, will be vice-chairman.

Crédit Agricole is France's No. 1 banking organisation and the largest retail bank in Europe in terms of income from retail banking. Société Générale is one of the largest financial services groups in the euro-zone, employing 163,000 people worldwide.

The name Amundi, said the firm, blends the initials of "asset management" with an allusion to the world.

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