Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

Exxon sues US over $2m fine for violating Russia sanctions

Read more

IN THE PAPERS

'Too sexy for Malaysia': Hit single 'Despacito' stirs controversy

Read more

IN THE PAPERS

Is this the end of Emmanuel Macron's honeymoon period?

Read more

MEDIAWATCH

Macron's air force uniform draws Tom Cruise comparisons

Read more

THE DEBATE

Polish democracy under threat? EU warns Warsaw over judicial independence

Read more

PEOPLE & PROFIT

Game of Thrones and TV's golden age

Read more

ENCORE!

The best of the summer's exhibitions in Paris

Read more

INSIDE THE AMERICAS

Game of Thrones returns: Mega fans bask in themed pop-up bar

Read more

FOCUS

Unwanted children: 3,800 babies abandoned in South Africa every year

Read more

Business

Societe Generale to raise capital to pay back French government

Text by NEWS WIRES

Latest update : 2009-10-06

Societe Generale has announced it will raise 4.8 billion euros to repay aid money lent by the French government. The government provided 3.4 billion euros to help Societe Generale during last year's financial crisis.

AFP - French bank Societe Generale announced on Tuesday that it would raise capital by 4.8 billion euros (7.1 billion dollars) to pay back state aid it had received to help it through the financial crisis.
   
The government had provided Societe Generale with 3.4 billion euros, part of nearly 20 billion euros loaned to French banks with interest to keep lending from drying up.
   
Its capital increase will also "enable Societe Generale to seize potential external growth opportunities," the bank said.
   
Societe Generale also said it was entering into negotiations with Franco-Belgian bank Dexia with the aim of purchasing Dexia's 20 percent stake in Credit du Nord.
   
Societe Generale said it plans to complete the transaction before the end of the year. No figures for the purchase were provided.
   
The purchase would allow Societe Generale to strengthen its position in the retail banking market, particularly in France.

Date created : 2009-10-06

COMMENT(S)