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Article: Societe Generale Capital Increase
- Article from:
- AP Online
- Article date:
- March 11, 2008
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Societe Generale SA, seeking to restore its status as a top-tier bank after a massive trading scandal, said Tuesday it raised euro5.5 billion ($8.44 billion) in new capital through a share offering.
The bank said Tuesday that the share issue was oversubscribed by 184 percent, with total subscription orders of euro10.2 billion ($15.65 billion). That was seen as a sign of investor confidence in the scandal-plagued bank that could help it resist predators.
The funds help plug a gap in SocGen's finances after it lost nearly euro5 billion (more than $7 billion) unwinding what the bank says were unauthorized bets by trader Jerome Kerviel and after euro2.6 billion ($3.8 billion) ...