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Stock Market & Financial Investment News

News Breaks
March 17, 2014
06:37 EDTSCGLY, DBSDYSociete Generale to sell Asia private banking activities to DBS
Societe Generale (SCGLY) has agreed to sell to DBS (DBSDY) its private banking activities in Asia operated in Singapore and Hong Kong, representing a total of $12.6B of assets under management as of December 31, 2013. The transaction will be structured as a business transfer. At completion, Societe Generale group will receive a cash consideration of $220M for the franchise and will free up around $200M of equity. Further to the transaction, Societe Generale announces that it has entered into a memorandum of understanding with DBS to develop a commercial partnership combining the strengths of the two franchises for the benefit of their respective clients. The partnership will give Societe Generale’s clients access to DBS’ Private banking offering in Asia. In addition DBS’ clients will have access to Societe Generale Private Banking’s offering in Europe as well as to Corporate & Investment Banking solutions. The transaction is subject to approvals from the relevant authorities and is expected to be completed in Q4. It is expected to have a positive impact on the Group net income and on the Basel 3 Common Equity Tier 1 ratio. Reference Link
News For DBSDY;SCGLY From The Last 14 Days
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February 25, 2015
10:01 EDTSCGLYOn The Fly: Analyst Downgrade Summary
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05:31 EDTSCGLYSociete Generale downgraded to Neutral from Overweight at HSBC
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February 24, 2015
06:15 EDTSCGLYBanks probed for possible rigging of precious metals markets, WSJ reports
Officials in the U.S. are investigating at least 10 major banks for potential rigging of precious-metals markets, sources tell The Wall Street Journal. The DOJ's antitrust unit are investigating the price-setting process for gold, silver, palladium and platinum in London, while the CFTC has begun a civil investigation, with both agencies making requests for information, including a subpoena to HSBC (HSBC) from the CFTC. According to a source, Credit Suisse (CS), JP Morgan (JPM), UBS (UBS), Societe Generale (SCGLY), Bank of Nova Scotia (BNS), Barclays (BCS), Goldman Sachs (GS) and Deutsche Bank (DB) are also under investigation. Reference Link
February 20, 2015
09:14 EDTSCGLYSociete Generale management to meet with JPMorgan
Meetings to be held in Chicago on February 23, in Des Moines/Kansas City on February 24, in New York on February 25 and in Boston on February 26 hosted by JPMorgan.

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