Having received all the regulatory approvals needed to create their combined asset management arm, Crédit Agricole and Société Générale are incorporating Amundi on 31 December 2009 and starting operations on 1 January 2010.

Georges Pauget, chief executive officer of Crédit Agricole, will be chairman of the board of directors.

Séverin Cabannes, deputy chief executive officer of Société Générale, will be vice chairman and Yves Perrier (pictured), head of asset management and institutional services at Crédit Agricole and chairman and chief executive officer of CAAM Group, will be Amundi's chief executive.

The board comprises 15 members, two-thirds of whom are appointed by the Crédit Agricole Group and one-third by Société Générale.   

Once the capital contributions to the new entity are complete, Amundi Group will be 75 per cent owned by Crédit Agricole and 25 per cent by Société Générale. 

With more than EUR650bn under management, Amundi will rank third in Europe and eighth worldwide.

The company will implement a two-pronged strategy: supply savings solutions to the retail banking networks of the Crédit Agricole and Société Générale groups in France and abroad; and offer an asset management offering to institutional clients.