Amundi and BNP Paribas are reportedly among the group of bidders which are planning to acquire Lyxor, the asset management unit of Societe Generale.
According to a Reuters report, the two companies are planning to bid for the €150bn fund management business.
Separately, JPMorgan, DWS and State Street have also expressed interest to take over the business, sources told the news agency.
However, the companies did not confirm their move.
This comes after Societe Generale started preparations earlier this year to divest Lyxor in a bid to improve profitability.
The sale is expected to commence this year with Citigroup overseeing the divestment.
The divestment is expected to value around €500m to €700m, even though the final price will be determined on the basis of the products that will be divested by the company.
The reported added that Amundi is seen as the natural buyer for the business, however, BNP Paribas is expected to challenge the company.
One of the sources told Reuters: “Societe Generale is aware of Amundi’s interest but they’re looking to run a narrow auction to secure the highest price.”
In the second quarter of this year, Lyxor reported a 21.6% decrease in revenue after being hit by the Covid-19 pandemic.
The sources further added that no deal is certain.