General society wants to be reassuring after the fall of its course

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The General society confirms its forecasts of results for the 3rd quarter and specifies not to have anything in particular to announce on his activities of market, the shortly after a fall of more than 15% of its stock exchange courts.

The title of SocGen showed Monday the strongest fall of the CAC 40 (- 15,56% to 38 euros), carried as of other financial by the storm of the Asian markets where Tokyo Stock Exchange had enclosed on its low level for 26 years. ( Finance Information City )

Towards 9:35, the title General society, which lost 58% since the beginning of the year, regained 1,25% to 38,47 euros, for a market cap of some 22,5 billion.

“The contents of emitted press release on October 13, 2008 are always topicality”, declared Stephanie Carson-Parker, spokesperson of the banking group, in answer to a question of Reuters.

Last on October 13, the group had already tried to cross short to the rumours on its financial health while stating to expect a clear benefit of approximately a billion euros before nonrecurring elements for the third quarters.

The bank had also specified that its bottom line leaves the group would be positive, even after the taking into account of the depreciations related to its exposure to Lehman Brothers, the American bank of investment in voluntary liquidation.

General society, which will publish its final accounts of the 3rd quarter on November 6, had also stated on October 13 that its ratio Tier 1 at September 30 in standards Basle II would be higher than 8%.

SocGen is one of the six profit banks of the governmental play which lays down to inject 10,5 billion euros in their capital in order to reinforce their equities and to enable them to finance the economy. The General society should within this framework receive 1,7 billion euros. The government specified that thanks to this injection of capital, the ratio of the French banks taking part in the operation should be raised of approximately 50 basic points, which would make it possible to bring back that of SocGen in particular in the European average of 8,5%.

SHORT-NAP CLOTH ON THE DERIVATIVES ACTIONS

The spokesperson of the bank also stated Tuesday that it did not have “anything in particular to announce on his activities of markets, and in particular the derivatives actions, in spite of conditions of very difficult markets in October”.

“It is the same for the other activities of the bank, in particular the activities of bank of detail out of France”, it specified, adding that “in the event of occurence of events justifying fast information of the financial markets, the bank will make public, as soon as possible, the elements necessary to a good appreciation of its situation”.

This development intervenes whereas the Franco-Belgian group Dexia announced the same day that its Slovak subsidiary company had been affected by a “excessive exposure in currencies” of its customers which will show an negative impact of 82 million euros on the accounts of the third quarters.