Calyon Financial and Fimat to merge
Investment banks Société Générale and Calyon have agreed to merge the brokerage activities currently carried out by their respective subsidiaries, Fimat and Calyon Financial.
The new entity will be called Newedge and is scheduled for launch in early 2008, subject to the approval of supervisory authorities.
Newedge, will be controlled 50/50 by Société Générale 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.
The chairman, Marc Litzler, Deputy CEO of Calyon and the vice-chairman, Philippe Collas, Deputy CEO of Société Générale, will each be
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