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