Investing: SocGen Faces €1.2 Billion in Penalties to Settle Int’l Sanctions
INVESTING – Today, Societe Generale, a French multinational bank, made an announcement that the bank is likely to pay €1.2 billion ($1.4 billion) in penalties to United States authorities. This is to resolve the international sanction violations of the bank in the following weeks.
Societe Generale has been engaging in dynamic talks with the US authorities to settle an investigation on the transactions that the French bank processed and involved countries that have US economic sanctions against them.
“Societe Generale expects that the amount of the penalties in the U.S. Sanctions Matter will be almost entirely covered by the provision for disputes allocated to this matter,” the bank said.
In covering the penalties concerning legal disputes, the bank presently has €1.43 billion set aside. Societe Generale has been battling in costly legal disputes for a year now. However, this legal dispute would be the last one that the bank needs to settle in violation of US sanctions.
Meanwhile, Societe Generale had met into an agreement to pay $475 million in settling a class action suit in June this year. The class action suit was the alleged manipulation of its managers to Libor (London Interbank Offered Rate), which was the key interest rate used in contracts.
Based on the arraignment, certain members of the bank’s management team, CFO, Treasury managers, and head of investment banking have made fraud reports on lower rates which were used to set the Libor on Euro and US dollar during May 2010 until mid-2012.
Consequently, Societe Generale CEO Didier Valet resigned in March in settling the Libor case. Valet headed the investment banking activities of the firm. Furthermore, Societe Generale has settled a dispute with the Libyan Investment Authority, a government-managed sovereign wealth fund, through paying €963 million during mid-2017.
Investing: SocGen Assigns Alexandre Mateus to its Paris’ FX Trading Team
Societe Generale has assigned Alexandre Mateus to the firm’s forex trading team in Paris. Matteus is expected to report to Cedric Beaurain, head of spot trading for the bank, as part of his job role, according to reports.
Mateus is replacing Arnaud Muller as a Forex Trader. Meanwhile, Muller was placed to trade another product within FICC at the French bank. Muller has been a forex G10 spot trader in Societe Generale for more than 11 years.
Previously, Mateus was at ArcelorMittal, a steel and mining company, as a forex and commodity derivatives trader before he joined Societe Generale this month. Mateus traded emerging markets currencies, G10 and, LME Base Metals and Energy Derivatives, his LinkedIn states. He spent less than two years working at the said firm.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.