France's Credit Agricole has outlined its plans to increase assets under management in its global asset management business Amundi to €1 trillion($1.37 trillion) by 2016, partly through the acquisition of smaller rivals.

France's Credit Agricole has outlined its plans to increase assets under management in its global asset management business Amundi to €1 trillion($1.37 trillion) by 2016, partly through the acquisition of smaller rivals.

Credit Agricole said in a statement that to achieve this target it plans to open the platform to one or more new distribution networks through the purchase of mid-sized players throughout Europe.

The bank is also planning to accelerate organic growth in Europe through strengthening its commercial resources in Germany and the UK and by opening new offices in the Netherlands and Sweden.

Credit Agricole said that in France it was also looking to step up “cross synergies” with the regional banks in wealth management and that it would be opening a wealth management business in Italy.

Amundi was formed in 2010 when Credit Agricole merged its asset management business with that of France's Societe Generale.

In its annual statement released earlier this year, Amundi reported a rise in assets from €739.6 billion at the end of 2012 to €777.1 billion at 31 December 2013, an increase of 5.1 per cent.

This figure includes the consolidation of US company Smith Breeden, acquired in the third quarter of 2013 with its €4.7 billion of assets under management, and a positive market and currency effect of €22.4 billion.