Despite the assertion by Daniel Bouton, chairman of Société Générale, that he is open to a meger with any bank of a similar size, bankers and analysts within his company believe that BNP Paribas is the leading candidate.

Bouton said in an interview with Handelsblatt that he had talked to six possible partners over the past 18 months and that he was: &quotopen for any constellation that creates value for our shareholders&quot. Sources at SG said that BNP Paribas remained their ideal partner for investment banking, but that no merger is likely until either Bouton or Péberau step down as chairmen of their respective banks.