Societe Generale finalises the acquisition of Newedge
13 May 2014 London
Image: Shutterstock
Societe Generale has finalised the acquisition of Credit Agricole's 50 percent stake in the capital of Newedge.
This acquisition combines Societe Generale's activities and Newedge's execution and clearing services.
As part of the deal, it has also sold 5 percent of the capital of Amundi to Credit Agricole, bringing Societe Generale's stake in the company to 20 percent.
"The finalisation of the acquisition of Newedge is a significant strategic initiative which will allow us to position ourselves as key player in the rapidly growing sector of post trade services for investors", said Christophe Mianne, deputy dead of Societe Generale's Global Banking and Investor Solutions.
We will be able to offer our clients the best of both institutions: the financial guarantee and financing capacities of a leading bank, allied with Newedge's leading market positions, in particular in prime brokerage and clearing services. We are thus strengthening our international presence, whilst positioning ourselves favorably in the new regulatory environment.
These transactions are expected to result in a moderate positive impact on the group's earnings and a impact of approximately 10 bps on the Group's Basel 3 Core Tier One ratio in Q2 2014.
This acquisition combines Societe Generale's activities and Newedge's execution and clearing services.
As part of the deal, it has also sold 5 percent of the capital of Amundi to Credit Agricole, bringing Societe Generale's stake in the company to 20 percent.
"The finalisation of the acquisition of Newedge is a significant strategic initiative which will allow us to position ourselves as key player in the rapidly growing sector of post trade services for investors", said Christophe Mianne, deputy dead of Societe Generale's Global Banking and Investor Solutions.
We will be able to offer our clients the best of both institutions: the financial guarantee and financing capacities of a leading bank, allied with Newedge's leading market positions, in particular in prime brokerage and clearing services. We are thus strengthening our international presence, whilst positioning ourselves favorably in the new regulatory environment.
These transactions are expected to result in a moderate positive impact on the group's earnings and a impact of approximately 10 bps on the Group's Basel 3 Core Tier One ratio in Q2 2014.
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