5 billion at the end of 2013, will take SocGen
s assets beyond the 100-billion threshold.
The enhanced issue rating reflects the credit strength of SocGen
as it is the ultimate counterparty in this transaction.
Chief Executive Frederic Oudea has been selling assets and has cut hundreds of jobs in investment banking, in line with rigid capital rules designed to ensure the financial breakdown of 2008 does not happen again.
has been eliminating jobs and selling assets as rising capital requirements and Europe's sovereign-debt crisis squeeze profit.
In 1973, SocGen
opened a representative office in the Soviet Union.
is the most exposed to Egypt of its French peers via its National Societe Generale Bank subsidiary, with a loan exposure of E3.
Still, as the SocGen
lease at 245 Park shows, Bank of China has also lent funds against secure assets.
The verdict is critical for SocGen
, which has worked hard to clean up its image and tighten risk controls since the scandal broke.
Agricole and SocGen
set up their Newedge joint venture brokerage in 2008 and then went a step further last year by merging their fund management arms.
The direction by Sebi states the ban has been imposed till such time SocGen
provides a correct reporting of its offshore derivative instruments ( ODIs) / Participatory Notes ( PN) transactions, to the stock market regulator.
Traders said SocGen
might also be affected by problems at bond insurer Ambac Financial Group, whose shares fell on fears of a possible credit rating cut by Moody's.
He is suing SocGen
for wrongful dismissal claiming he never actually lost any money.