PARIS, Jan 10 (Reuters) – Societe Generale’s
freshly overhauled management team is promising more pain for
its investment bank unit this year, sounding a deeply
pessimistic note likely to be echoed by rivals in France and
elsewhere in Europe.
The news that France’s second-biggest lender is eyeing a
“significant” fall in investment banking revenue for 2012 and
has decided to exit or deeply cut several businesses is the
latest dollop of pain for investment banks worldwide after
businesses such as debt and equity capital markets were hammered
PARIS, Jan 4 (Reuters) – Societe Generale
plans to cut some 880 jobs at the French unit of its investment
bank as part of a “voluntary departure plan,” it said on
Wednesday, as it and rivals struggle through a liquidity crisis.
The layoffs represent roughly 7.3 percent of the payroll of
SocGen’s investment bank, which has been forced to scale back
its global ambitions as the euro zone’s troubles worsened.
PARIS, Dec 29 (Reuters) – Qatar Holding has raised its
stake in Lagardere to over 10 percent, making the Gulf
state the largest shareholder in the struggling French
The oil-rich emirate has been a staunch supporter of Chief
Executive Arnaud Lagardere even as some shareholders have
assailed the chief executive’s strategy for the company his
father founded, which competes with Pearson Plc and
Bertelsmann AG in radio and book publishing.
PARIS, Dec 24 (Reuters) – France Telecom will
sell its mobile phone operator Orange Switzerland to private
equity group Apax Partners for about 1.6 billion euros ($2.09
billion), as Europe’s fourth-largest telecoms operator refocuses
on its core markets.
The deal is a glimmer of hope in what has otherwise been a
drought in European private equity deals as the region’s
sovereign debt crisis has driven up the cost of borrowing money
for such transactions.
PARIS, Dec 16 (Reuters) – Credit Agricole SA
agreed to sell its private equity unit for just over 300 million
euros ($389.92 million), a banking source close to the deal
said, in a sign that buyers exist for the plethora of assets
European banks have put on the block — at the right price.
The sale to Coller Capital, a UK-based firm which
specialises in buying secondary private equity assets, will
reduce the risk-weighted assets of Credit Agricole by 900
million euros, the French bank said in a statement on Friday.
LONDON/PARIS (Reuters) – French state bank Caisse des Depots et Consignations risks stretching its balance sheet and depriving its core local client base if it continues a recent spending spree acting as a knight in shining armor for distressed big businesses.
CDC has been hyperactive in an otherwise moribund dealmaking scene, helping craft and contributing heavily to the bailout of Franco Belgian lender Dexia.
PARIS (Reuters) – Rating agency Moody’s has downgraded the debt of France’s three largest banks, citing deteriorating liquidity, a day after the European Central Bank offered banks funding for three years for the first time ever.
The downgrade comes at a sensitive time for the banks, which have seen their shares pummelled because of their large balance sheets and reliance on short-term dollar funding as the euro zone debt crisis spread.
PARIS (Reuters) – Ratings agency Moody’s downgraded the debt of BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz), Societe Generale (SOGN.PA: Quote, Profile, Research, Stock Buzz), and Credit Agricole (CAGR.PA: Quote, Profile, Research, Stock Buzz) on Friday, citing deteriorating liquidity and funding conditions.
Moody’s cut its ratings on the long-term debt of BNP and Credit Agricole by one notch to Aa3, concluding reviews that began in June and were continued in September. Societe Generale’s long-term debt was cut by one notch to A1.
PARIS, Dec 9 (Reuters) – Ratings agency Moody’s
downgraded the debt of BNP Paribas, Societe Generale
, and Credit Agricole on Friday, citing
deteriorating liquidity and funding conditions.
Moody’s cut its ratings on the long-term debt of BNP and
Credit Agricole by one notch to Aa3, concluding reviews that
began in June and were continued in September. Societe
Generale’s long-term debt was cut by one notch to A1.
PARIS, Dec 8 (Reuters) – French bank BNP Paribas
named a Flemish veteran of Belgium’s 2008 banking
crisis as its finance chief on Thursday, the latest move to
strengthen its management in the face of new dangers now facing
Europe’s financial industry.
Lars Machenil, who holds a doctorate in nuclear science and
has been with BNP’s Belgian unit Fortis for 11 years, will
succeed Philippe Bordenave as CFO in March, BNP said on
Thursday. Bordenave was last week named group chief operating
officer of France’s biggest bank.