Home THE DAILY EDGE Business SocGen probing ‘anomalies’ in Singapore account
SocGen probing ‘anomalies’ in Singapore account

Tags: Societe Generale

Written by Reuters   
Thursday, 01 April 2010 23:37
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French bank Societe Generale is investigating “anomalies” found in a client account overseen by one of its private bankers in Singapore, a Paris-based spokesman for the bank said today.

SocGen declined to provide further details on the nature of these anomalies but added it found out about them in February and had immediately informed clients who might be affected.

The spokesman said SocGen was doing everything possible to resolve the matter as soon as possible in the best interests of its clients.

SocGen is battling back after falling victim to a 4.9 billion euro ($9.2 billion) rogue trading loss in January 2008.

In February, the company reported a fourth quarter net profit of 221 million euros and said it was hoping for an improvement in its results for 2010.

Last month, the French bank hired former Barclays executive Benedikt Maissen for its Asian operations.

Maissen, 50, will report to Pierre Baer, who heads up SocGen's private banking operations in Singapore and South Asia.


 

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Last Updated on Thursday, 01 April 2010 23:39