Jefferies Group announced on April 9 that it entered into an agreement to sell most of the futures activities of its Jefferies Bache business to Societe Generale. The French bank, which took full ownership of Newedge in 2014, said the deal would allow it to extend its existing client base and leverage its global platform. The transaction is expected to close in the second quarter of 2015. Specific terms were not disclosed.
“This transfer is a good opportunity which allows us to cement our leadership in the rapidly growing sector of listed and OTC derivatives clearing and execution, and post-trade services whilst continuing to position ourselves favorably in the new regulatory environment,” commented David Escoffier, deputy head of global markets for Societe Generale Corporate & Investment Banking.
“Transferred clients will benefit from the bank’s full suite of innovative solutions,” he added. “All our teams are already mobilized and thrilled to welcome those new clients and facilitate their transition to our high quality service platform.”