Societe Generale, AllianceBernstein To Form JV To Boost Growth In Cash Equities

French Financial services major Societe Generale (SCGLF.PK,SCGLY.PK) and AllianceBernstein (AB), an investment management and research firm, announced Tuesday their plans to form a joint venture to accelerate growth in cash equities.

In the JV, the companies will combine their cash equities and equity research businesses.

Bernstein Research Services' premier global equity research and execution platform will be combined with Societe Generale's equity research and execution capabilities.

The proposed deal has received the support of Societe Generale's and AllianceBernstein's Boards of Directors.

The closing is expected to occur before the end of 2023. The transaction is subject to workers council consultation, approval of regulators, and customary closing conditions.

Societe Generale intends to take a 51% interest in the joint venture, with an option to reach 100% ownership after five years. The business would be run as a long-term partnership under the Bernstein name, headquartered in London.

Upon closing, Robert van Brugge, CEO of Bernstein Research Services, would become CEO of the new entity for an initial term of five years, and Stephane Loiseau, Head of Societe Generale's cash equities business, would become Deputy CEO.

The new joint venture is expected to offer a comprehensive global suite of world-class services across cash equities and research, combined with Societe Generale's integrated equity capital markets, equity derivatives and prime services platforms.

The joint venture would provide premier investment insights into the American, European and Asia Pacific equity markets.

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