PARIS (Reuters) -Societe Generale, France’s third-biggest listed bank, and U.S. investment management company Alliance Bernstein plan to form a joint venture focusing on global cash equities and equity research, they said on Tuesday.

SocGen plans to take a 51% interest in the venture, with an option to take 100% ownership after five years, the French bank said, adding that the business would boost its profit from 2025 onwards. The deal is expected to close before the end of 2023.

The joint venture will be run as a long-term partnership under the Bernstein name and will be headquartered in London.

Robert van Brugge, CEO of Bernstein Research Services, will become CEO of the new entity for an initial term of five years, with Stephane Loiseau, head of SocGen’s cash equities business, becoming his deputy.

(Reporting by Sudip Kar-GuptaEditing by Kirsten Donovan and David Goodman)