French bank Societe Generale SA is contemplating the sale of its U.S. asset manager TCW Group, Bloomberg reported citing people familiar with the matter.

The Paris-based bank is considering a management-led buyout or an initial public offering for the unit, which may be valued at about $1 billion, according to Bloomberg.

The proposed sale of Los Angeles-based TCW, which had about $114 billion in assets under management on September 30, comes at a time when European banks are searching for funds to deal with the debt crisis.

In September, Chief Executive Frederic Oudea said the bank was looking to free up to 4 billion euros ($5.3 billion) in capital by 2013, primarily from potential disposals in its asset-management and financial services division, Bloomberg said.

(Reporting by Chris Jonathan Peters in Bangalore; Editing by Gary Hill)

Los Angeles Management Los Angeles Investment