{"id":248225,"date":"2008-01-29T12:48:00","date_gmt":"2008-01-29T12:48:00","guid":{"rendered":"http:\/\/new.moldova.org\/2008\/01\/29\/societe-generales-problems-not-to-influence-mobiasbanca-91161-eng\/"},"modified":"2008-01-29T12:48:00","modified_gmt":"2008-01-29T12:48:00","slug":"societe-generales-problems-not-to-influence-mobiasbanca-91161-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/societe-generales-problems-not-to-influence-mobiasbanca-91161-eng\/","title":{"rendered":"Societe Generale\u2019s problems not to influence Mobiasbanca"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

Despite this event is very unpleasant, Mobiasbanca is not affected by it. Mobiasbanca being a well balanced local structure will pursue its strategy and its development with efficiency and performance on the local market, the press release, circulated by Public Relations Department of Mobiasbancă says. <\/p>\n

The document says that the Societe Generale Group was likely to announce a 2007 net profit amounting to 5.5 Billions Euros after the impact of 2.2 Billions Euros losses coming from the US sub prime. Unfortunately, this good result was affected by an extraordinary losses resulting from a fraudulent trading action amounting to 4.9 Billions Euros. <\/p>\n

In spite of these two events the 2007 net profit of the Group will be still positive, but below 1 Billion Euros. <\/p>\n

As a result of this fraud and in order to strengthen its capital base the Group has immediately launched a capital increase of 5.5 Billions Euros. This operation has very quickly received (in 3 days) the full guarantee of J.P. Morgan and Morgan Stanley. <\/p>\n

“This support shows the solidity of the Group and will enable Société Générale to recover the level of its former equity capital, and to keep its rating. Société Générale will pursue its development and its strategy all over the world and international retail banking activities remain one of the most dynamic and profitable of the Group”, the press-release remarks. <\/p>\n

The French mass media report that Trader Jerom Kerviel succeeded in fraud ways to conclude financial transactions for USD73 billion (50 billion euros) on behalf of the Societe Generale. After it was known that Societe Generale began urgently canceling purchases, made by Kerviel, but against the background of the general fall on the world financial markets the bank lost about 5.5 billion euros. The sum, which Kerviel tried to spend, exceeds considerably the Societe Generale’s capitalization (35 billion euros) and it is equal approximately to the yearly capital deficit of the entire France. <\/p>\n

Kerviel surrendered himself to the police and is giving evidence on all the transactions. His lawyers say that their client did not make anything unlawful, – “He did not take a cent for himself and earned no profit for himself”. <\/p>\n

Experts do not rule out that actions by the Societe Generale trader can become one of the causes for the abrupt fall of the world financial markets last week. <\/p>\n

For the time being, no official accusation has been made against Kerviel. However, Societe Generale and a group of the bank’s shareholders brought two official complaints against his fraudulent actions. <\/p>\n

The Societe Generale French group acquired Mobiasbancă in January 2007 for 313.9 million lei (USD27.9 million), then its block of shares increased up to 24.78%. In December Mobiasbanca increased its authorized capital by 180.28 (USD16.03 million). In independent experts’ opinion, the situation in France must not influence their Moldovan colleagues’ activities.  \/\/ Infotag<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>Despite this event is very unpleasant, Mobiasbanca is not affected by it. Mobiasbanca being a well balanced local structure will pursue its strategy and its development with efficiency and performance<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-248225","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

Despite this event is very unpleasant, Mobiasbanca is not affected by it. Mobiasbanca being a well balanced local structure will pursue its strategy and its development with efficiency and performance on the local market, the press release, circulated by Public Relations Department of Mobiasbancă says. <\/p>\n

The document says that the Societe Generale Group was likely to announce a 2007 net profit amounting to 5.5 Billions Euros after the impact of 2.2 Billions Euros losses coming from the US sub prime. Unfortunately, this good result was affected by an extraordinary losses resulting from a fraudulent trading action amounting to 4.9 Billions Euros. <\/p>\n

In spite of these two events the 2007 net profit of the Group will be still positive, but below 1 Billion Euros. <\/p>\n

As a result of this fraud and in order to strengthen its capital base the Group has immediately launched a capital increase of 5.5 Billions Euros. This operation has very quickly received (in 3 days) the full guarantee of J.P. Morgan and Morgan Stanley. <\/p>\n

“This support shows the solidity of the Group and will enable Société Générale to recover the level of its former equity capital, and to keep its rating. Société Générale will pursue its development and its strategy all over the world and international retail banking activities remain one of the most dynamic and profitable of the Group”, the press-release remarks. <\/p>\n

The French mass media report that Trader Jerom Kerviel succeeded in fraud ways to conclude financial transactions for USD73 billion (50 billion euros) on behalf of the Societe Generale. After it was known that Societe Generale began urgently canceling purchases, made by Kerviel, but against the background of the general fall on the world financial markets the bank lost about 5.5 billion euros. The sum, which Kerviel tried to spend, exceeds considerably the Societe Generale’s capitalization (35 billion euros) and it is equal approximately to the yearly capital deficit of the entire France. <\/p>\n

Kerviel surrendered himself to the police and is giving evidence on all the transactions. His lawyers say that their client did not make anything unlawful, – “He did not take a cent for himself and earned no profit for himself”. <\/p>\n

Experts do not rule out that actions by the Societe Generale trader can become one of the causes for the abrupt fall of the world financial markets last week. <\/p>\n

For the time being, no official accusation has been made against Kerviel. However, Societe Generale and a group of the bank’s shareholders brought two official complaints against his fraudulent actions. <\/p>\n

The Societe Generale French group acquired Mobiasbancă in January 2007 for 313.9 million lei (USD27.9 million), then its block of shares increased up to 24.78%. In December Mobiasbanca increased its authorized capital by 180.28 (USD16.03 million). In independent experts’ opinion, the situation in France must not influence their Moldovan colleagues’ activities.  \/\/ Infotag<\/p>\n

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