Newedge has named Societe Generale banker David Escoffier as its chief executive officer as the French bank is in discussions to take full ownership of the derivatives prime broker.
Newedge is owned by French banks Societe Generale and Credit Agricole, who each have a 50% stake.
Societe Generale said in a statement today that it has entered into exclusive negotiations to take full ownership of Newedge by buying Credit Agricole's 50% holding for €275m.
Societe Generale said in the statement: "The full acquisition of Newedge would be a key development in the area of market activities aligned with evolving regulatory trends towards more centralised clearing of OTC products."
At the same time, Societe Generale would sell to Credit Agricole its 5% stake in Amundi, their jointly owned asset management company, for €337.5m. This would reduce Societe Generale's stake in Amundi from 25% to 20%.
Newedge said in a statement today that David Escoffier became chief executive on November 6, replacing Nicolas Breteau who has resigned.
Escoffier was previously deputy head of global market activities at Societe Generale corporate and investment banking.
Christophe Mianné has been appointed chairman of Newedge in addition to remaining deputy head of global banking and investor solutions at Societe Generale. He replaces Francis Canterini who becomes vice-chairman, a position previously held by Mianné. The two French banks who own Newedge alternate the chairmanship.
Françoise Guillaume, deputy CEO and chief operating officer of Newedge, has also resigned. She will be replaced as chief operating officer by Olivier Hartemann, previously chief operating officer for the Asia-Pacific region at Societe Generale’s global banking and investor solutions division.
Newedge said that during the next few months, Breteau and Guillaume will both work alongside the new management team, as advisor to the CEO and advisor to the chief operating officer respectively.
