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SocGen and Calyon finalise derivative unit merger

Wed Aug 8, 2007 1:27pm EDT

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PARIS, Aug 8 (Reuters) - French bank Societe Generale (SOGN.PA) said on Wednesday it had reached a final agreement to merge its Fimat division with the futures and options brokerage Calyon Financial.

The pair will form a global leader in the derivatives market.

The two banks said the merged entity, called Newedge, would have bank status and they expected it to start operating in early 2008, subject to regulatory approval.

In January, Calyon Financial, which is owned by French bank Credit Agricole (CAGR.PA), and Fimat said they were considering merging their derivatives businesses into a 50/50 joint venture.

On a pro forma basis as of Dec.31 2006, the combined entity handled more than 1.3 billion contracts, with sales of over 1 billion euros ($1.38 billion).

((Reporting by Astrid Wendlandt, editing by Erica Billingham; Paris Equities, astrid.wendlandt@reuters.com, +33 1 49 49 54 40))

($1=.7263 Euro) Keywords: SOCIETEGENERALE CALYON/

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