Societe Generale Settles Litigations Against MBIA
NEW YORK and PARIS, May 8, 2013
NEW YORK and PARIS, May 8, 2013 /PRNewswire/ -- Societe Generale announced
today the settlement of its pending litigations against MBIA and others which
had challenged MBIA's 2009 restructuring.
The settlement favorably ends a longstanding dispute involving credit default
insurance written by MBIA and its affiliates covering multiple structured
credit products. In connection with the settlement, Societe Generale and MBIA
will commute all affected policies held by Societe Generale. Societe Generale
does not expect the settlement to materially impact its second quarter
Societe Generale is one of the largest European financial services groups.
Based on a diversified universal banking model, the Group combines financial
solidity with a strategy of sustainable growth, and aims to be the reference
for relationship banking,recognised on its markets, close to customers, chosen
for the quality and commitment of its teams.
More than 154,000 employees, based in 76 countries, accompany 32 million
customers throughout the world on a daily basis.
Societe Generale's teams offer advice and services to individual, corporate
and institutional customers in three core businesses:
*Retail Banking in France with the Societe Generale branch network, Credit
du Nord and Boursorama;
*International Retail Banking, with a presence in Central & Eastern Europe,
Russia, the Mediterranean Basin, Sub-Saharan Africa, Asia and French
*Corporate and Investment Banking with a global expertise in investment
banking, financing and global markets.Societe Generale is also a
significant player in Specialised Financial Services, Insurance, Private
Banking, Asset Management and Securities Services.
Societe Generale is included in the socially-responsible investment indices:
FTSE4Good and ASPI.
For more information, you can follow us on twitter @societegenerale or visit
our website www.societegenerale.com .
Societe Generale Corporate & Investment Banking
At the core of Societe Generale's universal banking business model, the
Corporate & Investment Bank is a well-diversified and leading player with
nearly 12,000 professionals present in 33 countries across Europe, the
Americas and Asia-Pacific.
Standing by its clients across sectors, the Corporate & Investment Bank
tailors solutions for them by capitalising on its worldwide expertise in
investment banking , global finance , and global markets .
*For Corporates , Financial Institutions and public sector : providing a
global advisory approach (M&A, debt, equity transaction, capital
structure, and asset & liability management), as well as quality capital
raising solutions across the debt and equity spectrum, optimised financing
and expert risk management responses notably in the realm of foreign
exchange and rates derivatives.
*For investors : offering reliable and sound investment opportunities and
risk management solutions through its integrated global markets platform
delivering seamless access to markets (equity, rates, credit, currencies,
commodities and derivatives), as well as advice and solid financial
engineering, quality of execution and forward looking research across
Contact: LAETITIA MAUREL, +33(0)1-42-13-88-68, Laetitia.email@example.com,
or JIM GALVIN, +1-212-278-7131, Jim.firstname.lastname@example.org
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