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Societe Generale ADR (SCGLY)

- OTCPK - Current
  • Dec. 6, 2011, 9:30 AM
    Unlike the downgrade of the U.S., a rating cut for EU sovereigns might actually mean something as European banks are far larger (assets as a % of GDP) and far more intertwined with governments than their American cousins, points out Mark Grant. Lower sovereign ratings are then almost certain to increase already high bank funding costs.
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  • Dec. 2, 2011, 7:45 AM
    Believing much of this week's central bank action to be symbolic, Fitch says already dwindled EU bank access to dollars could get worse. The challenge is especially significant for French banks as 54% of U.S. money market fund exposure to the lenders matures in 7 days or less as of the end of October vs. just 7% at the end of June.
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  • Nov. 25, 2011, 8:34 AM
    Likely unable to raise capital the old-fashioned way - issuing shares and shedding assets - European banks are set to indulge in some fancy footwork. Known as "R.W.A. optimization," the process involves altering the risk-weighting on existing assets to allow less capital to be held against them.
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  • Nov. 23, 2011, 4:31 PM
    Societe Generale (SCGLY.PK) sues the parent of the Daily Mail over an August article which said the bank was on the "brink of disaster" and in "a perilous state." The Mail pulled the article 2 days later and apologized. SocGen shares are off about 40% since the date of publication and 63% YTD.
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  • Nov. 16, 2011, 2:55 PM
    BNP Paribas (BNPQY.PK) joins other EU lenders in slashing jobs as they seek to cut costs and raise capital. BNP will cut 1,396 positions - roughly 6.5% of its staff - from its corporate and investment bank, a division that is struggling due to the difficult financial markets.
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  • Nov. 11, 2011, 3:17 PM
    A Bloomberg analysis has the largest U.S. money market funds cutting investment in Deutsche Bank (DB) by $8.1B in October, the largest drop among major Western lenders, but just a sliver of the bank's overall funding. On a percentage basis, French banks are faring far worse, having lost the majority of their money market funding over the past year.
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  • Nov. 10, 2011, 4:05 PM
    Earlier today, French finmin Baroin extended for another 90 days the short sale ban on financial stocks introduced August 12. Performance since then: French ETF (EWQ) -5.8%, SocGen (SCGLY.PK) -21.3%, BNP Paribas (BNPQY.PK) -14.6%, Credit Agricole (CRARY.PK) -23.3%.
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  • Nov. 8, 2011, 9:21 AM
    SocGen (SCGLY.PK) is 9% higher in Paris after reporting a sharp drop in profit from marks taken on its Greek holdings.The lender will eliminate its 2011 dividend and speed up asset sales as it focuses on hitting and even exceeding the new 9% capital ratio required by 2013's end. Shares -53% YTD.
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  • Nov. 8, 2011, 4:05 AM
    Societe Generale (SCGLY.PK): Q3 net profit -31% to €622M ($855M) vs. forecasts of €858M. Revenues +4% to €6.5B. Takes €333M pretax writedown on Greek sovereign debt holdings. Exposure to GIIP €3.4B at end of October. Toxic assets, which include mortgage bonds, €18.6B (PR .pdf).
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  • Nov. 4, 2011, 3:57 PM
    The FSB releases its list of 29 systemically important financial institutions (SIFI) following the G-20 meeting. These firms will face higher regulatory scrutiny and capital requirements. The usual suspects made the list, including Dexia, already under the blanket of a state rescue. The stock performance of this group in 2011 leaves a bit to be desired.
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  • Nov. 2, 2011, 4:32 AM
    EU bank shares regain some of their dignity after yesterday's steep losses, with the STOXX Europe 600 Banks index +2%, Societe Generale (SCGLY.PK) +5.7%, Credit Agricole (CRARY.PK) +4.8%, BNP Paribas (BNPQY.PK) +5.3%, Deutsche Bank (DB) +2.1%, UniCredit (UNCIF.PK) +5.5%, Barclays (BCS) +2.2%, and RBS (RBS) +1.9%.
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  • Nov. 1, 2011, 8:12 AM
    European banking shares are hardest hit, with many now having given up all and more of the euphoric run-up following Thursday morning's bailout announcement. SocGen (SCGLY.PK) -14.4%, BNP Paribas (BNPQY.PK) -10.2%, Deutsche Bank (DB) -11.5%. Italy's Unicredit, -10.8%, has given up nearly all of October's historic run.
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  • Nov. 1, 2011, 4:38 AM
    EU banks are taking a pounding following the Greek referendum news, with the STOXX Europe 600 Banks index -5.1%, Societe Generale (SCGLY.PK) -13.6%, Credit Agricole (CRARY.PK) -10.85%, BNP Paribas (BNPQY.PK) -9.4%, Deutsche Bank (DB) -7.9%, UniCredit (UNCIF.PK) -8.1%, Barclays (BCS) -5.5%, and RBS (RBS) -4.9%.
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  • Oct. 28, 2011, 3:48 AM
    European shares make small gains early on as the effects of the debt-deal euphoria begin to wear off and investors await the all-important details. Banks continue to rise, with Deutsche Bank (DB) +1.9%, Commerzbank (CRZBY.PK) +1.3%, BNP (BNPQY.PK) +2.7%, SocGen +2.4% (SCGLY.PK), Credit Agricole (CRARY.PK) +3.1%. Euro STOXX 50 +0.2%, Paris +0.3%, Frankfurt +0.7%, London flat.
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  • Oct. 27, 2011, 9:11 AM
    Today's 18-22% move higher in French banks gives them gains of as much as 50% in 5 weeks! It's entirely possible the capital raises anticipated by the EBA can be accomplished through retention of earnings - maybe a pleasing thought to shareholders, even if they have to miss a year's worth of dividends.
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  • Oct. 27, 2011, 7:14 AM
    European bank shares are the big winners following yesterday's/this morning's deals. BNP Paribas (BNPQY.PK) +16.2%, SocGen (SCGLY.PK) +14.7%, Credit Agricole (CRARY.PK) +20.3%, DB +13.7%, RBS +8.1%, UBS +7.1%.
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Company Description
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
Sector: Financial
Country: France