SocGen Leads Fall in French Banks as Credit-Default Swaps Rise
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Societe Generale SA posted a record decline and led a drop in French banking shares as the cost of insuring the country’s government bonds increased. UniCredit SpA, Italy’s biggest bank, paced a retreat in Italian banks after the country’s credit-default swaps widened.
Societe Generale shares slumped as much as 23 percent and were down 16 percent at 21.89 euros at 4:27 p.m. in Paris. Credit-default swaps on the bank rose 29 basis points to a record 299 basis points.