SocGen & BSCH plan Investment Banking joint venture?
Reuters reported the two banks were planning an announcement for later this month of such a deal. The rationale is said to be that the size and international coverage is needed to compete against the US investment banks.
BSCH is known to be looking at a number of different expansion possibilities. This week it was also linked as a possible partner for Royal Bank of Scotland in bidding for National Westminster Bank. It was rumoured at one time as a possible White Knight for SocGen in its fight against BNP, even though the French Government has been very clear it did not want any foreign interference in the matter. BSCH hold 5% of SocGen currently.
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