The deal would see Credit Agricole acquire the majority of SocGen's European and Asian asset management operations, and create a new business with more than $800 billion worth of assets under management.
As the new entity would be one of the top ten asset management businesses in the world, the European Commission reviewed the transaction to see if it breached competition rules.
It concluded that although the new business would be a major player in the market in France, the transaction did not raise competition concerns.
The Commission explained that there are three other significant suppliers of retail asset management products operating in France, along with a number of fund supermarkets and insurance companies.
Meanwhile, Credit Agricole Egypt has been given regulatory approval to complete its acquisition of the Egyptian Housing Finance Company, giving it a foothold in the North African country's fledgling mortgage market.
By Claire Archer