Societe Generale hopeful to resolve Libya investigations within weeks

Societe Generale hopeful to resolve Libya investigations within weeks [Photo: Internet]
Societe Generale SA said on Monday that it hoped to resolve “within weeks” U.S. investigations into alleged Libor rigging and transactions made by the French bank involving Libyan counterparts, Reuters reported.

The French bank said in a statement that dealings with the U.S. Department of Justice and the Commodity Futures Trading Commission were approaching a conclusion.

“Societe Generale has entered into a phase of more active discussions with these US authorities with a view to reaching a resolution of these two matters within the coming weeks,” the bank said as reported by Reuters.

On Thursday, a source close to the bank told Reuters the sudden departure of deputy chief executive Didier Valet was agreed as part of the negotiations with U.S. authorities on a financial settlement over the Libor submissions.

Societe Generale said that it could not determine the financial impact of disputes and that as of Dec 31, 2017, it had booked in a 2.3 billion euro (US$2.8 billion) provision for all disputes into its financial statements.

Within this provision is approximately 1 billion euros that is allocated to the Libor and Libyan investigations, the bank said.

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