Societe Generale: Erratum - Update of the information related to investigations by U.S. authorities

Tuesday, 04. September 2018 08:37


Paris, 4th September 2018

Erratum: Update of the information related to investigations by U.S. authorities

In the context of the investigation by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Attorney's Office of the Southern District of New York, the New York County District Attorney's Office, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, and the New York State Department of Financial Services (the "U.S. Authorities"), regarding certain U.S. dollar transactions processed by Société Générale involving countries that are the subject of U.S. economic sanctions (the "U.S. Sanctions Matter"), Societe Generale has entered into a phase of more active discussions with these U.S. authorities with a view to reaching a resolution of this matter within the coming weeks.

Within the provision for disputes amounting to EUR 1.43 billion, approximately 1.1 billion* in Euro equivalent is allocated to the U.S. Sanctions Matter, in accordance with IFRS standards. At this stage, Société Générale 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 version of this press release published on 3 September 2018 at 6 pm erroneously mentioned an amount of 1.2 billion in Euro equivalent.

Societe Generale

Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth, aiming to be the trusted partner for its clients, committed to the positive transformations of society and the economy.

Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 147,000 members of staff in 67 countries and supports on a daily basis 31 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses:

  • French Retail Banking, which encompasses the SocieteGenerale, Crédit du Nord and Boursorama brands. Eachoffers a full range of financial services with omnichannelproducts at the cutting edge of digital innovation;
  • International Retail Banking, Insurance and Financial Services to Corporates, with networks in Africa, Russia, Central andEastern Europe and specialised businesses that are leaders intheir markets;
  • Global Banking and Investor Solutions, which offersrecognised expertise, key international locations andintegrated solutions.

Societe Generale is included in the principal socially responsible investment indices: DJSI (World and Europe), FTSE4Good (Global and Europe), Euronext Vigeo (World, Europe and Eurozone), four of the STOXX ESG Leaders indices, and the MSCI Low Carbon Leaders Index.

For more information, you can follow us on twitter @societegenerale or visit our website

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Source: Société Générale via Globenewswire

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