The French bank Societe Generale SA said Tuesday that it is sticking to plans for an initial public offering of its U.S. asset management unit, TCW Group, in the next five years.

Societe General's reiteration of its intentions for the unit came after the New York Post on Tuesday reported TCW's chief executive, Marc Stern, as saying a private-equity firm may participate in a recapitalization of TCW Group, though he ruled out its outright sale.

A spokesman for Societe Generale said the strategy "is to develop TCW as a leading player in the consolidation of the U.S. asset management industry and to envisage an IPO in the next five years."

The Post reported that Societe Generale had held informal talks with private-equity firms including Kohlberg Kravis Roberts & Co.

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