French bank Societe Generale reaches deal with U.S. and French authorities to resolve Libya and IBOR rates probes

Alwasat - Cairo Mon 04 Jun 2018, 09:45 AM
alwasat radio

French bank Societe Generale said on Monday it had reached agreements in principle with U.S. and French authorities to resolve probes on its transactions in Libya and on its handling of the ‘IBOR’ money market rates.

SocGen added that penalties to be paid as a result of this had already been covered by earlier provisions and booked into the bank’s accounts. SocGen had previously booked a 2.3 billion euros (2.02 billion pounds) provision regarding those various probes.

Last year, SocGen agreed to pay 1 billion euros to settle a long-running dispute with the Libyan Investment Authority (LIA).

The French bank reached an 11th-hour settlement over LIA allegations that trades were secured as part of a “fraudulent and corrupt scheme” involving the payment of $58.5 million by SocGen to a Panamanian-registered company.

SocGen also denied over the weekend any boardroom talks over a merger with Italian bank UniCredit.

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