Societe Generale beefs up derivatives business

Societe Generale agreed to take over most of the clients of JefferiesBache futures unit amid a push into derivatives.

Bloomberg News reports that Jefferies, which is owned by Leucadia National, is closing down the rest of the business, according to a statement Thursday from the firm.

SocGen will review Bache’s staff and may hire some, said a person with knowledge of the matter who asked not to be identified because the terms are confidential.

The purchase follows SocGen’s acquisition in January of a financial industrial-metals portfolio from Barclays. The bank in May took full ownership of derivatives brokerage Newedge to expand electronic trading and clearing operations as regulators push to boost transparency.

To access the complete Bloomberg News article hit the link below:

SocGen to Buy Jefferies Bache Clients in Derivatives Push

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