The French Agence des Participations de l’Etat (APE) has named eight investment banks to work on the planned privatisation of the state-run Francaise des Jeux (FDJ) lottery operator.

BNP Paribas, Citigroup, Goldman Sachs, SocGen, Credit Aricole, HSBC, Natixis and CIC will work on the FDJ deal, which is aimed at raising money to fund innovation projects and boost the economy.

Finance Minister Bruno Le Maire said last month, market conditions permitting, FDJ would be privatised by the end of the year, with the state potentially raising "a few billion euros" in the sale.

The FDJ is Europe’s second-largest lottery, after Italy’s Lottomatica, and is currently 72% state-owned.

Plans to privatise companies such as FDJ and airport group ADP are said to be essential to President Emmanuel Macron’s attempts to remove government involvement where he believes the private sector would deliver better investment and change.