Asset manager Amundi expects listing to raise up to 2 billion euros

PARIS (Reuters) - Amundi, Europe's biggest asset manager, expects to raise as much as 2 billion euros ($2.21 billion) in a stock market listing this month that will result in shareholder Societe Generale exiting the business, it said on Monday.

SocGen has said the proceeds it receives from selling its 20 percent holding via the initial public offering (IPO) will help to lift its core Tier 1 equity ratio.

Credit Agricole, meanwhile, plans to reduce its 80 percent stake to between 74.6 percent and 77.6 percent and has agreed to sell about 2 percent of Amundi's capital to Agricultural Bank of China to expand their cooperation.

Amundi set the indicative price range for the IPO at between 42 euros and 52.50 euros per share, it said in a statement. Depending on whether an overallotment option is fully used, proceeds would range from 1.4 billion euros to 2.01 billion euros.

The offer price is expected to be decided on Nov. 11, with trading on Euronext Paris due to start on Nov. 16, Amundi said.

Credit Agricole said the stake sale to Agricultural Bank of China at the final IPO price was aimed at deepening the cooperation between the Chinese bank and Amundi beyond a joint venture set up in 2008.

SocGen added that it viewed Amundi as a long-term business partner in asset management and that Amundi would remain its chosen provider of savings and investment solutions to its retail banking and insurance networks.

(Reporting by James Regan; Editing by David Goodman)