SocGen Edges Closer to Settling U.S. Sanctions Investigation

Societe Generale SA said that it expects to settle U.S. investigations into alleged sanctions violations “within the coming weeks,” and that the final penalty will probably be broadly in line with its estimates.

“Societe Generale has entered into a phase of more active discussions” with the authorities investigating past dollar transactions involving countries under U.S. sanctions, the French lender said in a statement on Monday. “At this stage, Societe Generale expects that the amount of the penalties in the U.S. sanctions matter will be almost entirely covered by the provision for disputes.”