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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Amundi    AMUN   FR0004125920

AMUNDI

(AMUN)
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Societe Generale gears up for Lyxor asset management sale - sources

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09/21/2020 | 02:47am EDT
FILE PHOTO: Euronext stock exchange's annual conference in Paris

Societe Generale is gearing up to launch the sale of its asset management arm Lyxor as the French lender seeks to shore up its finances after two consecutive quarterly losses, two sources familiar with the matter told Reuters.

France's third-biggest bank has hired Citigroup to oversee the sale, which is expected to kick off in the fourth quarter, the sources said, speaking on condition of anonymity as the matter is confidential.

Societe Generale and Citi declined to comment.

Lyxor had about 132 billion euros ($156 billion) of assets under management at the end of June, with exchanged-traded funds (ETF) representing almost half of its operations. It ranks as Europe's third largest ETF provider.

The business could be valued at about $1 billion, one of the sources said, adding that interested parties have recently been contacted as the sale is about to kick off.

It will be aimed at bidders in Europe and United States, including French asset manager Amundi and German rival DWS, one of sources said, while cautioning that no deal was certain.

"It's all been prepared and is ready to start, but the board has yet to sign it off," the source said.

The unit posted a 21.6% decline in revenue to 40 million euros in the second quarter due to challenging market conditions and the fallout from the coronavirus crisis.

Societe Generale's boss Frederic Oudea is trying to strengthen the bank's capital ratio and may also explore strategic options for its UK wealth management unit, Kleinwort Hambros, another source said.

As part of an asset disposal programme first launched in 2018, Societe Generale has parted ways with assets in Eastern Europe and last year agreed to sell its Nordics-based SG Finans division to Nordea Bank for 575 million euros.

The bank said it would sell or close business lines that have not reached critical mass or do not generate synergies.

By David French and Pamela Barbaglia


Stocks mentioned in the article
ChangeLast1st jan.
AMUNDI -1.20% 61.65 Real-time Quote.-11.80%
CITIGROUP INC. 0.00% 43.95 Delayed Quote.-44.99%
DWS GROUP GMBH & CO. KGAA 1.50% 31.77 Delayed Quote.0.22%
NORDEA BANK ABP. 3.55% 70.55 Delayed Quote.-6.73%
SOCIÉTÉ GÉNÉRALE 1.93% 12.75 Real-time Quote.-58.89%
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Financials
Sales 2020 2 540 M 3 012 M 3 012 M
Net income 2020 868 M 1 030 M 1 030 M
Net Debt 2020 983 M 1 166 M 1 166 M
P/E ratio 2020 14,4x
Yield 2020 4,80%
Capitalization 12 388 M 14 664 M 14 691 M
EV / Sales 2020 5,26x
EV / Sales 2021 4,93x
Nbr of Employees 4 725
Free-Float 29,1%
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 71,63 €
Last Close Price 61,65 €
Spread / Highest target 31,0%
Spread / Average Target 16,2%
Spread / Lowest Target -25,5%
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Managers
NameTitle
Yves Perrier Chief Executive Officer & Director
Xavier Musca Chairman
Guillaume Lesage Head-Operations, Services & Technology Division
Domenico Aiello Chief Financial Officer
William Kadouch-Chassaing Director
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