Societe Generale and Calyon have signed the final agreement relative to the merger of the brokerage activities currently carried out by their respective subsidiaries, Fimat and Calyon Financial.
The operational launch of the new entity is scheduled for early 2008, subject to the approval of supervisory authorities. The resulting entity, Newedge, will be controlled 50/50 by Societe Generale and Calyon and will have bank status. It will be headquartered in Paris, and is expected to have a combined staff of around 3,000 located in the world’s main financial centres.
Newedge will be provided with effective governance which will ensure its autonomy in operational functions and anticipate any conflict arising between the shareholders. These will have the same rights and the same representation on the Board of Directors.