Société Générale: update on situation with US authorities
(CercleFinance.com) - On Monday evening, Société Générale announced that it has entered into a phase of "more active" discussions with the US authorities in order to put an end to the case concerning certain transactions made by Societe Generale in US dollars, involving countries subject to US economic sanctions, in the next few weeks.
Within the provision for litigation, which amounts to 1.43 billion euros, approximately 1.2 billion euros is allocated to the US Sanctions Case, in accordance with IFRS standards.
At this stage, Société Générale expects these total fines to be almost entirely covered by the specific litigation provision made for this case.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Within the provision for litigation, which amounts to 1.43 billion euros, approximately 1.2 billion euros is allocated to the US Sanctions Case, in accordance with IFRS standards.
At this stage, Société Générale expects these total fines to be almost entirely covered by the specific litigation provision made for this case.
Copyright (c) 2018 CercleFinance.com. All rights reserved.