Societe Generale Looks at Huge US Penalties

Societe Generale expects the size of possible penalties on the part of the US authorities for violation of the sanctions regime.

05.Sep.18 7:45 AM
By Abigail Richards
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Societe Generale Looks at Huge US Penalties

One of the largest French banks, Societe Generale, expects the size of possible penalties on the part of the US authorities for violation of the sanctions regime may exceed 1.1 billion euros ($ 1.27 billion), Reuters reports citing the bank's release.

"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 total, the credit institution has reserved 1.43 billion euros to cover possible penalties.

The SocGen report clarifies that it is about an ongoing investigation of the US in respect of some of the dollar transactions by the bank, in which the countries under US sanctions participated. The bank fails to specify the countries.

The issue will be settled within the coming weeks, the bank said.

In June, Societe Generale agreed to pay $ 1.3 billion to regulators in the US and France to stop disputes over transactions through Libya and alleged fraud with the London interbank rate Libor.

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