Credit Agricole and Intesa call off asset management deal

25 January 2007

French bank Credit Agricole and Italy's Intesa Sanpaolo have announced that they will dissolve their current Italian asset management partnership.

The two banks have also decided to drop plans to establish a Europe-wide asset management joint venture, with those involved in the proposed deal believing it to be unfeasible.

The announcement follows the initial agreement, made in October last year, to study the possibility of a collaboration in asset management.

Credit Agricole said that the decision to abort the plans came as a result of objections raised by the Italian Competition Authority (AGCM).

AGCM said that the joint venture would have to be dissolved in order to ensure that Credit Agricole remains "a third party and a true competitor".

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