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Société Générale and Calyon Launch Joint Brokerage Unit
Société Générale and Calyon have launched Newedge, a new, joint brokerage arm combining the brokerage activities of their respective subsidiaries, Fimat and Calyon Financial.
Newedge, which was announced last August, is controlled equally by Société Générale and Calyon and both shareholders intend to arrange an IPO for the new entity within 18 to 24 months.
Marc Litzler, chief executive of Calyon, is chairman of the joint venture and Philippe Collas, deputy chief executive of Société Générale, has been named vice-chairman. Both have been appointed for a period of two years, with an alternation between Société Générale and Calyon.
Headquartered in Paris and with operations worldwide, Newedge has around 3,000 staff, located across the world’s 25 major financial centres.
Patrice Blanc, chairman and chief executive of Fimat, has been appointed chief executive of Newedge and Richard Ferina, chairman and chief executive of Calyon Financial, will be deputy chief executive.
