Societe Generale hopes for resolution to IBOR, Libya investigations within weeks


PARIS (Reuters) – Societe Generale SA (SOGN.PA) said on Monday that it had entered into a “more active” phase of discussions with U.S. authorities over their investigation into IBOR submissions and transactions made by the French bank involving Libyan counterparts. FILE PHOTO: A logo of French bank Societe Generale is pictured on a building in Geneva, Switzerland, November 8, 2017. REUTERS/Denis BalibouseThe bank said it hoped for a resolution to the two matters in the coming weeks. Societe Generale said that it could not yet determine the financial impact of the dispute and that it had booked in a 2.3 billion euro ($2.8 billion) provision for all disputes into its financial statements. Within this provision is approximately 1 billion euros that is allocated to IBOR and Libyan matters, the bank said. Reporting by Richard Lough; editing by Laurence Frost
Source: Reuters