SocGen and Alliance Bernstein announce new joint venture

PARIS, Nov 22 (Reuters) – French bank Societe Generale (SOGN.PA) and U.S. investment management company Alliance Bernstein (AB.N) announced plans on Tuesday to form a joint venture focusing on global cash equities and equity research.

Societe Generale intends to take a 51% interest in the joint venture, with an option to reach 100% ownership after five years, added the French bank.

Reporting by Sudip Kar-Gupta; Editing by Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.