Société Générale and Vestia form stock plan administration JV
22 April 2004 | 720 views | 0
Société Générale and Vestia set up a joint venture in Canada to manage global employee shareholder and stock option plans SG Global Securities Services for Investors (SG GSSI) and Vestia, a fully-owned subsidiary of the Canadian Group Fastrak specialising in the design of administration software for stock option and employee shareholder plans, have created a joint venture, SG VESTIA.
This joint venture, which will be 65% owned by Société Générale and 35% by Vestia, will offer European and American issuers a complete administration package for stock option and employee shareholder plans.
For SG GSSI, the creation of SG VESTIA enables it to become a major player on the ESP (Employee Stock Plan) market. It will have the autonomy to offer complete plan administration solutions integrating the regulatory and tax specifications required by the North American authorities, and will be able to develop business in the European and North American zones.
The use of the Vestia platform will enable SG GSSI to be much more reactive in its management of the whole of its clients' plans and allow it a real-time overview of information.
For Vestia, the backing of the Société Générale Group will help its development and facilitate contacts with high quality clients. In agreement with its clients, Vestia will transfer its existing portfolio to the new SG Vestia entity.