Societe Generale and Crédit Agricole are exploring ways to end their partnership in brokerage firm Newedge and asset management firm Amundi, according to people with direct knowledge of the matter, as two of France's top banks refocus their business on core activities.

While the agreement is yet to be finalised, Crédit Agricole is in talks to unload its 50% stake in Newedge to Societe Generale, and receive a 15% stake in Amundi in exchange, said one of these people. The deal could be completed before the end of the year, the person said. At a later stage, Credit Agricole may also buy Societe Generale's remaining 10% stake in Amundi, the person said.