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SocGenSociete Generale (French bank)
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Euro Bank's IDRs and Support Rating are currently driven by support available from SocGen. The RWN reflects Fitch's expectation of a multi-notch downgrade following the acquisition by Bank Millennium, based on Fitch's view of the new ultimate parent's weaker ability, relative to SocGen, to provide support to Euro Bank.
In addition to pleading guilty to conspiracy and false reporting and paying the fines, SocGen also agreed to cooperate with the Department of Justice's investigation, and to "adopt and maintain enhanced compliance procedures."
Bayle, who joined SocGen in 2001, has been a relationship manager responsible for French SMEs and mid-caps.
"SocGen's maiden Sukuk also has the distinction of being Malaysia's first Sukuk to be issued by a French bank," notes Foo Su Yin, CEO of RAM Ratings.
This rating action follows Moody's decision to revise SocGen's outlook to
As part of the transaction, announced in November last year, SocGen also sold a 5% stake in French fund manager Amundi to Credit Agricole for EUR337.5m, thus, reducing its ownership in the company to 20%.
Pursued by Reuters, SocGen, Standard Chartered, UOB and DBS refused to comment.
While SocGen's exposure to Greece is at the low end of the French banks - especially compared with Credit Agricole , owner of Geniki's larger rival Emporiki - analysts quoted SocGen CFO Bertrand Badre as saying that the bank was "as busy as" Credit Agricole in looking for an exit strategy.
18 May 2012 -- Russian gold producer Polyus Gold International Ltd (LON:PLGL) said today it had repaid two bridge loans previously provided by French bank Societe Generale SA (EPA:GLE), or SocGen, and Russian lender VTB.
He has also been named as group head of fiduciary services and wealth planning at SocGen Private Banking Hambros.
SocGen is the most exposed to Egypt of its French peers via its National Societe Generale Bank subsidiary, with a loan exposure of 3.5 billion euros, according to KBW.