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A European managed savings giant in the balance
The recent news of the break in negotiations between Allianz Global Investors and Amundi has aroused significant interest in the financial sector. The idea of creating a European managed savings giant, with about 2,800 billion euros under management, seemed like an unmissable opportunity. However, the differences between the two parties have resulted in nothing being done, leaving many analysts wondering about the implications of this decision
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Negotiations and expectations
In recent months, Allianz had explored various options to enhance its asset management division, Allianz Global Investors, which currently manages 555 billion in assets. Negotiations with Amundi, controlled by Crédit Agricole, had been initiated with the intention of creating a synergy that could have strengthened the position of both companies in the European market. However, differences in the governance structure and control of the new entity represented an insurmountable obstacle
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Market dynamics and banks’ strategies
The situation is further complicated by Crédit Agricole’s growing interest in Banco BPM. With a shareholding that rose from 9.2% to 15%, the French group is trying to gain greater influence in the Italian banking sector. This development is crucial, especially considering the public exchange offer by UniCredit on Banco BPM, which highlights the desire of its CEO, Andrea Orcel, to expand. The synergy between Allianz and Amundi could have also influenced these dynamics, but now the situation seems more uncertain than ever
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Future prospects
With the scheduled meeting between Orcel and Philippe Brassac, CEO of Crédit Agricole, on December 20, significant developments are expected. The two entities share a bond through Amundi, which could pave the way for possible collaborations or compromises. However, existing tensions and UniCredit’s expansion ambitions could further complicate the landscape. Crédit Agricole’s ability to balance its strategy with the European dynamics of the banking sector will be fundamental to determine the future of Banco BPM and, ultimately, for the European managed savings market
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