Credit Agricol plans insurance, MF foray
GLOBAL FINANCIAL MAJORS COME CALLING
| The group, through its subsidiaries, Predica, the life insurance company, and Pacifica, the non-life insurance company, is in talks with a couple of top Indian players for a foray into insurance businesses. The Indian rules require foreign companies to hold not more than 26 per cent in Indian insurance ventures. |
| Credit Agricol Asset Management (CAAM) is in talks with a local brokerage house for a tie-up to launch the AMC business, according to a group executive in India. |
| Credit Agricol officials said it would be the AMC business that would take off first as talks for the tie-up with a local brokerage house were at an advanced stage. |
| CAAM is leveraging on its strength in terms of individual and corporate pension plans, the niches in the AMC business. |
| "We are already managing certain Asia- and India-centric funds, but those were sold to European investors. However, we are keen to target Indian investors and raise funds from here," said another group executive. |
| CAAM is already a leader in France with "$416 billion of assets under management, and with a market share of over 15 per cent, the group ranks second in employee saving plans in France. |