Société Générale: settlement agreements reached in US
(CercleFinance.com) - Société Générale says that it has reached settlement agreements with certain US authorities, hence terminating their investigations into certain transactions in dollars involving countries, persons or entities subject to US sanctions.
The group has therefore agreed to pay penalties of approximately 1.3 billion dollars, a sum that is fully covered by the provision for litigation booked in its accounts, and which will therefore not have any additional impact on its results in 2018.
The agreements provide that at the end of a three-year probationary period no prosecution will be instituted against the bank if it complies with its terms. Société Générale is also committed to improving its regulatory compliance control system.
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The group has therefore agreed to pay penalties of approximately 1.3 billion dollars, a sum that is fully covered by the provision for litigation booked in its accounts, and which will therefore not have any additional impact on its results in 2018.
The agreements provide that at the end of a three-year probationary period no prosecution will be instituted against the bank if it complies with its terms. Société Générale is also committed to improving its regulatory compliance control system.
Copyright (c) 2018 CercleFinance.com. All rights reserved.