Bank officials claim that Kerviel tried to conceal the activity by creating losing trades intentionally so as to offset his early gains.
Commerzbank, still partly owned by the German government, has been restructuring as parts of its business have struggled amid weak markets and slow loan demand.
SocGen said the purchase would boost its Lyxor arm, which has a strong presence in the field of exchange traded funds ETFsand raise its general profile in Germany, the euro zone's biggest economy.
SocGen's investment bank has been under pressure following the departure of previous head Didier Valet in March over a financial settlement of an investigation into alleged Libor rates rigging.
It has also had some relatively tepid performances in equity derivatives - an area where it has been traditionally strong. The sale is in line with the German bank's "4. Commerzbank's larger rival, Deutsche Bank, has also been under pressure of late, with the German bank having failed a United States regulatory stress test recently.
The transaction excludes Commerzbank's cash equity brokerage and commodities hedging business, but will include areas such as its structured trading and investment products as well as its Comstage ETF brand.
SocGen said that it expected the deal to get regulatory clearance in the second half of this year, and added it would have a positive impact on the French bank's return on tangible equity.
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For its 7th edition, the Asia Pacific Bike Ride will take place on the Blue Mountains, in Australia. This year, the charity event will raise funds for the Indigenous Literacy Foundation. Societe Generale has been playing a vital role in the economy for years.
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5. CAG and SG are collectively termed, for the purposes of this. May 24, · The post also stated that Gatecoin was trying to raise investment in order to reimburse all clients’ Bitcoin and Ether funds. The company’s target is to raise between $4 and $5 million to.
Oct 21, · The timetable for scaling back the Federal Reserve\’s bond buying has been thrown into flux by the government shutdown and debt ceiling debate, but Societe Generale economists still see an aggressive plan to raise benchmark policy rates as a distinct possibility.