Published on 01/25/2021 at 12:04 pm
Updated 01/25/2021 at 12:27 p.m.
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Societe Generale could soon reduce its scope! Amundi is said to be in competition with the American State Street and the German DWS in an attempt to get hold of Lyxor, the asset management subsidiary of the bank with the red and black logo, sources concurring in Les Echos. The candidates would be ready, in a first approach, to offer around 0.6 billion euros. Reuters had indicated last November that Amundi and BNP Paribas were in line to acquire Lyxor. In addition to the candidates currently mentioned, JPMorgan has also expressed interest.
By selling Lyxor, the French bank would strengthen its balance sheet. Societe Generale posted a hard capital ratio of 12.5% as of June 30, 2020, nearly 350 basis points above the regulatory requirement. It is expected to be at the top of the range between 11.5% and 12% at the end of 2020. However, due to the evolution of the pandemic, the bank could be faced with a larger than expected increase in provisions for losses. credit. Lyxor had 147.5 billion euros in assets at the end of August 2020, of which 73.1 billion in active management and 74.4 billion under management in ETFs. It is the latter that arouse the envy. A few months ago, a valuation of one billion euros was mentioned for Lyxor.
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