Societe Generale Denies ‘Rumors,’ Seeks Probe as Shares Drop
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Societe Generale SA, France’s second-largest bank, denied “all market rumors” and asked the nation’s market watchdog for an investigation after speculation France’s creditworthiness was in doubt sent the shares tumbling.
The lender’s performance in July and early August shows it will be able to post “solid” results in the future, Paris-based Societe Generale said in a statement after the market closed yesterday. The bank asked France’s Autorite des Marches Financiers to open a probe into the origin of speculation that is “extremely harmful to the interests of its shareholders.”