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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

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