Société Générale and Calyon finalise brokerage merger
Société Générale and Calyon reached an agreement to merge the brokerage units of their respective subsidiaries, Fimat and Calyon Financial. The banks say they expect the new entity, Newedge, to be launched in early 2008, subject to the approval of supervisory authorities.
Newedge, will be controlled 50:50 by Société Générale and Calyon and will have a bank status. It will be headquartered in Paris, and is expected to have a combined staff of around 3,000. On a pro forma basis as at December 31, 2006, the combined entity handled more than 1.3 billion contracts, with sales of over €1 billion ($1.38 billion).
In addition to its core business as a Futures Commission Merchant (FCM), the new entity will continue to offer a range of complementary execution services on
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