Societe Generale selling stake in Newedge: Report

Reuters is reporting that Societe Generale has put up for sale its stake in Newedge, a futures and clearing brokerage it co-owns with Credit Agricole, based on a source familiar with the situation.

"Newedge is definitely for sale," the source said, adding that the bank could also sell its custody and securities unit SGSS but no firm decision had been reached on that."Both of these are fairly difficult to sell," the source said, adding: "I wouldn't hold my breath" on a successful sale.

Societe Generale, whose shares soared 17 percent on Tuesday as part of a broader rally in European banking stocks, declined comment.

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