French bank Société Générale is waiting for SEC approval to launch the float of its US investment banking subsidiary, SG Cowen, in a deal that could value the division at up to $500m (€416.6m).

The bank has not yet named the bookrunners for SG Cowen's flotation, though equity bankers expect SG Cowen to be a bookrunner on the deal, and say an additional bank is likely to be appointed to avoid any issue of possible conflicts of interest.