Amundi SA to Acquire 37% Stake in SBI Funds

SBI Funds Management Private Limited (SBI FMPL), the asset management company of the SBI Mutual Fund, is a joint venture between State Bank of India (SBI) and Societe Generale Asset Management S.A. (SGAM), a subsidiary of Societe Generale S.A (SG).

On 9 July 2009, SG and Credit Agricole SA, entered into an agreement to undertake a global merger of their fundamental asset management business. Pursuant to the Global Merger, which has completed on 31 December 2009, SBI FMPL will shortly become a joint venture between SBI and Amundi S.A. (Amundi), a leading European asset management company. Amundi will, through a wholly owned subsidiary know as Amundi India Holding (AIH), acquire from SGAM, SGAM's entire shareholding in SBI FMPL aggregating to 1,850,000 equity shares constituting 37% of the paid-up equity capital of SBI FMPL and consequently, replace (through AIH) SGAM as a shareholder of SBI FMPL (Transaction).

Amundi is the new joint venture partner of SBI in SBI FMPL. The proposed transfer of shares of SBI FMPL by SGAM to AIH, a wholly subsidiary of Amundi, will result in a change in controlling interest of SBI FMPL.

The Securities and Exchange Board of India gave its nod to this on 24 March 2011.

Source: http://www.adityabirlamoney.com/news/480385/10/22,24/Mutual-Funds-Reports/Amundi-SA-to-Acquire-37-Stake-in-SBI-Funds