Société Générale launched a €4.8bn rights issue to repay the government’s €3.4bn capital aid and is, by doing this, the third French bank to start repaying government money. Société Générale follows the lead of two other French banks (Crédit Mutuel and BNP Paribas, which announced a €4.3bn rights issue last week) and many other European and US banks. The French bank has taken advantage of good perspectives in stock markets to announce this cash call. It is the second time in less than two years that SocGen has called on shareholders, the last time was in January 2008 when the bank tried to repair the damage done by a trading scandal.
Bruno Borghmans
http://www.ft.com/cms/s/0/7487d23c-b23f-11de-bbaf-00144feab49a.html
1 opmerking:
Excellent flow and style. Accurate account. Well done
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