France’s third biggest listed bank Societe Generale and Alliance Bernstein an investment management Company are on a deal to forge a joint venture with their eyes on global cash equities and research. The deal is expected to close before the end of 2023.
Robert van Brugge, CEO of Bernstein Research Services, will become CEO of the new entity for an initial term of five years, with Stephane Loiseau, head of SocGen’s cash equities business, becoming his deputy, while the long term partnership under the Bernstein name will be headquartered in London.
Societe Generale according to their plans intend to keep 51% interest in the joint venture, with a speculation of taking over ownership after five year, with profit boost from 2025, the French bank said.
The joint venture is intended to keep Societe Generale ahead of it contemporaries, such as France BNP Paribas and premier Wall Street banks like Goldman Sachs and JP Morgan.
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