Societe Generale and its subsidiaries are engaged in banking and finance activities, which are divided into three divisions: Retail Banking & Specialized Financial Services, Corporate & Investment Banking, and Asset Management, Private Banking & Securities Services: Co.'s activities are managed... More
Wednesday, Feb 512:35 PM
Wednesday, Feb 512:35 PM| 2 Comments
- Ben Lawsky, New York's financial services superintendent, reportedly has opened an investigation into manipulation of the currency markets by large banks and is requesting documents from more than a dozen institutions.
- Lawsky is said to have asked for documents from Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), Goldman Sachs (GS), Lloyds (LYG), Royal Bank of Scotland (RBS), Societe Generale (SCGLF, SCGLY) and Standard Chartered (SCDRF, SCBFF).
Monday, Feb 33:44 AM
Monday, Feb 33:44 AM| 4 Comments
- The Department of Justice has joined an expanding probe of banks, private-equity firms and hedge funds over the possible violation of bribery laws involving Libya's state investment fund prior to the rebellion against Muammar Gaddafi in 2011, the WSJ reports.
- The investigation originally focused on Goldman Sachs but now includes Credit Suisse (CS), JP Morgan (JPM), Société Générale (SCGLF), Blackstone (BX) and hedge-fund operator Och-Ziff Capital Management Group (OZM).
- A criminal probe is taking place in parallel to an SEC civil investigation.
- The Libyan Investment Authority invested sums of as much as $1B in funds operated by the firms being investigated, except Blackstone.
Wednesday, Dec 42013, 5:51 AM
Wednesday, Dec 42013, 5:51 AM| 2 Comments
- As flagged, the EU Commission has fined international banks €1.71B for the manipulation of inter-bank interest rates, including.
- The banks fined are Citigroup (C) [€70M], Deutsche Bank (DB) [€726M], Royal Bank of Scotland (RBS) [€391M], JPMorgan (JPM) [€79.9M] and Societe Generale (SCGLF) [€446M].
- UBS (UBS), Barclays (BCS) and Citigroup helped expose the cartels and so received immunity for their violations. UBS avoided a fine of €2.5B and Barclays €690M, while Citigroup's was €55M lower as a result.
- The EU has opened proceedings against HSBC (HSBC) and Credit Agricole (CRARF), as well as against JPMorgan (JPM), for Euribor infractions. JPM's fine is for Tibor violations. (PR)
Wednesday, Dec 42013, 4:57 AM
Wednesday, Dec 42013, 4:57 AM| 1 Comment
- The EU Commission will reportedly fine a group of leading multinational banks €1.7B for rigging inter-bank interest rates in what would be the largest antitrust penalty that the commission has ever levied.
- The banks to be fined include all the old favorites - Citigroup (C), Deutsche Bank (DB), Royal Bank of Scotland (RBS), JPMorgan (JPM) and Barclays (BCS), as well as Societe Generale (SCGLF).
- The banks have admitted liability in return for a 10% reduction in their punishment.
- However, HSBC (HSBC) and Credit Agricole (CRARF) are contesting the proposed sanctions from the EU and are set to be formally charged today.
- UBS (UBS), which paid $1.5B to U.S. and U.K. authorities for similar sins, is escaping a penalty, as it alerted the EU to the Libor and Tibor cases.
- EU Competition Commissioner Joaquin Almunia is due to announce the penalties at a press conference at 5:30 ET.
Tuesday, Sep 242013, 3:43 AM
Tuesday, Sep 242013, 3:43 AM| 2 Comments
- The National Credit Union Administration is suing JPMorgan (JPM), Credit Suisse (CS), UBS, Societe Generale (SCGLF.PK), Lloyds Banking Group (LYG), Royal Bank of Canada (RY), and several others on behalf of five failed credit unions.
- According to the suit, the banks' alleged manipulation of LIBOR caused the defunct credit unions to receive "less in interest income than they were otherwise entitled to receive."
Monday, Jul 292013, 9:46 AM
Monday, Jul 292013, 9:46 AM| 6 Comments
- Caterpillar (CAT +1.3%) agrees to repurchase $1B in stock from Societe Generale (SCGLF.PK).
- Caterpillar expects to complete the buyback in September.
- The deal brings Caterpillar's total repurchases to $2B in 2013 after it announced a similar $1B buyback in April. That deal was completed in June. (PR)
Wednesday, Jul 172013, 12:53 PM
Tuesday, May 72013, 6:55 AMSociété Générale (SCGLF.PK): Net profit falls 50% Y/Y to €364M, beating by €47M. Net income in corporate and investment banking rises 41% to €494M beating estimates. Revenue takes a €1B hit on accounting change related to the revaluation of debt. Tier 1 capital is 8.7%. |Tuesday, May 72013, 6:55 AM| 2 Comments
Friday, Mar 292013, 7:34 AMBofA (BAC) and Societe Generale (SCGLF.PK) have appealed a judge's denial of a lawsuit in which they sought to reverse regulatory approval of MBIA's (MBI) restructuring in 2009. The bank's argue that overhaul harmed them as policy holders, and that the authorization "was arbitrary and capricious and an abuse of discretion." |Friday, Mar 292013, 7:34 AM| 6 Comments
Monday, Jan 72013, 4:04 AMCredit Agricole (CRARF.PK) leads major European banks higher, rising 4.7% after regulators ease Basel liquidity rules, followed by Deutsche Bank (DB) +4.3%, Unicredit (UNCFY.OB) +4.3% and Barclays (BCS) +3.7%. Also, SocGen (SCGLF.PK) +3.4%, HSBC (HBC) +0.75%, Lloyds (LYG) +1.9%, Santander (SAN) +2%, RBS (RBS) +1.5%, UBS (UBS) +2% and Credit Suisse (CS) +3.4%. Italy's Banca Monte dei Paschi di Siena (BMDPY.PK) +15%. |Monday, Jan 72013, 4:04 AM| Comment!
Friday, Oct 262012, 8:36 AMParis is busily rebounding from S&P's negative rating actions on the French banks overnight. BNP Paribas (BNPQY.PK) was cut to A+ from AA-, while SocGen (SCGLY.PK) and Credit Agricole (CRARY.PK) were given a negative outlook. "The economic risks under which French banks operate have increased in our view." The CAC 40 +0.2% after a near 1% early decline. |Friday, Oct 262012, 8:36 AM| Comment!
Friday, Jun 222012, 3:52 AMOf the EU-listed banks whose ratings have been cut by Moody's, Credit Suisse (CS) was -1.05% in European trading, UBS -0.3%, HSBC (HBC) -0.1%, Barclays (BCS) flat, Deutsche Bank (DB) -0.2%, BNP Paribas (BNOBF.PK) flat, RBS -0.8%, SocGen (SCGLF.PK) +0.4%, Credit Agricole (CRARY.PK) +0.4%. |Friday, Jun 222012, 3:52 AM| Comment!
Monday, Apr 22012, 3:57 AMSome of Europe's biggest banks are preparing to pay back some LTRO funds in the next 12 months. The banks, which sources say include UniCredit, BNP Paribas and SocGen, are keen to repay the money as soon as they can - December of this year - even though they have until Dec. 2014 and Feb. 2015. |Monday, Apr 22012, 3:57 AM| Comment!
Wednesday, Mar 72012, 3:10 AMWith Greece's debt-swap deadline a mere day away, posturing continues from both bondholders and Greek officials, but some of the largest private holders are falling in line. SocGen, Assicurazioni Generali and UniCredit all say they'll participate in the swap, as will Greece's six largest banks.
|Wednesday, Mar 72012, 3:10 AM| 6 Comments
Wednesday, Jan 182012, 8:50 AMFrench banks made their funding more robust in 2011 by increasing deposits by €130B ($167B) as part of efforts to bring their funding back on balance sheet, Fitch says. The growth came partially at the expense of European money market funds, which lost €55B. Funding through deposits is treated more favourably under Basel III. |Wednesday, Jan 182012, 8:50 AM| Comment!
Thursday, Aug 182011, 3:41 AM
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