In order to simplify its structures, the business bank LAZARD FRERE is to merge its three branches in New York, London and Paris into a new group that will act as a 100% umbrella firm for the three entities. The new entity will be held to the tune of 82% by the associated natural persons, the remainder being held by GAZ ET EAUX and EPURAFRANCE, LAZARD's two holding companies, with, respectively 13% and 4.4% of the capital.