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Stock Market & Financial Investment News

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March 17, 2014
06:37 EDTDBSDY, SCGLYSociete 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
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August 19, 2014
06:34 EDTSCGLYGoldman abandons effort to toss out $1B Gaddafi suit, Telegraph says
Goldman Sachs (GS) abandoned its effort to toss out a London court suit from the Libyan Investment Authority who alleged that the bank lost over $1B worth of funds during the final years of Muammar Gaddafi's reign as dictator, according to the Telegraph, citing comments from the LIA. The LIA sued both Goldman and Societe Generale (SCGLY) over claims that the banks' London divisions took-in exorbitant fees while losing money in derivative trades. Reference Link

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