Bloomberg News

SocGen Has Got No Notice of Wrongdoing on Libor, CEO Says

August 01, 2012

Societe Generale SA (GLE) hasn’t been accused of wrongdoing by regulators probing the possible manipulation of London interbank offered rates, said Chief Executive Officer Frederic Oudea.

“We are cooperating,” Oudea said in an interview with Bloomberg Television in Paris today. “To date, we did not receive any notice of wrongdoing” from regulators.

As a member of panels that help set interbank rates, including Libor, Societe Generale has gotten requests from different regulators, Oudea said. The bank, France’s second- biggest, announced a 42 percent drop in its second-quarter profit today after writedowns on its Russian unit and U.S. asset manager TCW Group.

An unidentified investor asked Paris prosecutors to look at possible market manipulation, distribution of false information and abuse of trust, alleging banks collaborated to influence the interbank rates, her lawyer Frederik Karel Canoy said today. The claims are based on findings by U.S. and U.K. probes that led to the record 290 million-pound ($452.3 million) fine against London-based Barclays Plc (BARC) in June for falsifying its Libor submissions, he said.

The complaint was filed on July 30, Canoy said. A spokeswoman for the prosecutors said today that they haven’t received anything. She declined to be identified citing office policy.

Societe Generale declined to comment on the complaint, a spokeswoman said, also declining to be named citing bank policy.

Societe Generale has started an internal investigation over its contributions to interbank rate panels, Oudea, 49, told journalists at a press conference in Paris today.

To contact the reporters on this story: Fabio Benedetti-Valentini in Paris at; Caroline Connan in London at

To contact the editor responsible for this story: Frank Connelly at

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