Don't miss

Replay


LATEST SHOWS

THE BUSINESS INTERVIEW

Eugene Kaspersky: ‘Cyberterrorism is just a question of time’

Read more

ENCORE!

The culture stars trying to save the world

Read more

#TECH 24

Technology helping visually impaired people

Read more

BUSINESS DAILY

Brands bet big on Super Bowl Sunday

Read more

YOU ARE HERE

A Paris hidden within its passages

Read more

IN THE PAPERS

Is France's desire to combat terrorism tipping over into hysteria?

Read more

MEDIAWATCH

French police question 8-year-old boy for 'justifying terrorism'

Read more

IN THE PAPERS

'Why was an 8-year-old boy questioned by police?'

Read more

DEBATE

The true cost of cheap oil: Barrel price hits 6-year low (part 1)

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)