Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Simon Serfaty, US foreign policy specialist

Read more

IN THE PAPERS

'It's a War, Stupid!'

Read more

BUSINESS DAILY

French PM calls on ECB to go further to help economy

Read more

IN THE PAPERS

'I love the Socialists'

Read more

WEB NEWS

Ukraine: Web users call for international assistance

Read more

WEB NEWS

France: Fighting political corruption with transparency

Read more

MEDIAWATCH

No strategy and a beige suit

Read more

AFRICA NEWS

South Africa: Four men found guilty of shooting Rwandan exile

Read more

THE WORLD THIS WEEK

The World This Week - August 29th, 2014

Read more

  • Ukrainian forces retreat from Luhansk airport after clashes

    Read more

  • Iraqi forces free Armeli in biggest victory over IS militants since June

    Read more

  • Teddy Riner, France’s unstoppable judo champion

    Read more

  • Monaco’s Falcao set for Man Utd loan on transfer deadline day

    Read more

  • Anti-government protesters storm Pakistan's state TV

    Read more

  • Putin calls for talks on 'statehood' for east Ukraine

    Read more

  • Poland marks 75 years since German invasion of WWII

    Read more

  • Israel appropriates large tracts of West Bank land

    Read more

  • Rescue efforts under way after French apartment block blast

    Read more

  • Web doc on French self-immolation protests takes top prize

    Read more

  • PSG trounce Saint-Etienne 5-0 with Ibrahimovic hat trick

    Read more

  • Tension rises in Hong Kong as Beijing rejects open elections

    Read more

  • French police stop 'teenage jihadist' from flying to Syria

    Read more

  • Kidnapped Yazidi women 'sold to Islamists' in Syria

    Read more

  • Confusion reigns after Lesotho 'coup'

    Read more

  • French PM vows to safeguard 35-hour work week

    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)