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SocGen in 'more active' US talks over interbank offered rates, Libya


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SocGen in 'more active' US talks over interbank offered rates, Libya

Société Générale SA said it has entered into a phase of "more active" discussions with the U.S. Department of Justice and Commodity Futures Trading Commission regarding their investigations into interbank offered rate submissions and transactions involving Libyan counterparties, with a view to resolving the probes within weeks.

The French banking group said it has booked a provision for disputes of €2.3 billion as of 2017-end under International Financial Reporting Standards, of which approximately €1 billion will be allocated to the IBOR and Libyan matters.

SocGen Deputy CEO Didier Valet earlier resigned due to a "divergence of approaches regarding the management of a specific legal matter," which is reportedly linked to a case with U.S. authorities over the alleged rigging of the Euro and London Interbank Offered Rates.

The bank is involved in two other legal cases with U.S. authorities: one related to transactions with the Libyan Investment Authority, and the other over U.S. sanction busting.