Crédit Agricole and Société Générale are launching an initial public offering of their joint subsidiary Amundi, created in 2010. They aim to obtain a listing before the end of the year, subject to market conditions.

The asset manager is 80% owned by Crédit Agricole Group and 20% by Société Générale, but the latter bank may give up it's minority stake.

"The purpose of the flotation is to underpin the continuing development of Amundi and provide liquidity to Société Générale, which could sell up to its entire stake, as set out in the shareholder pact that was agreed at the creation of Amundi," a joint press release from the banks stated.

Crédit Agricole SA intends to retain a majority stake in Amundi, which it says plays a key role in its development strategy.

"Amundi and Société Générale will continue their industrial partnership following the initial public offering. Amundi will remain the provider of reference for savings and investment solutions for Société Générale’s retail and insurance networks for a period of five years, renewable," the release further stated.

Amundi had €954bn of assets under management as of March 2015, meaning it ranks among the ten largest players in the world.