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Article: Societe Generale says 5.5 billion capital increase successful
- Article from:
- AP Worldstream
- Article date:
- March 11, 2008
- Author:
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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 succesfully raised 5.5 billion (US$8.44 billion) in new capital through a share offering.
The bank attained its target sum, and had even more interest than expected, a sign of investor confidence in the scandal-plagued bank that could help it resist predators.
The share issue was oversubscribed by 184 percent, with total subscription orders of 10.2 billion (US$15.65 billion), the bank said in a statement.
The funds help plug a gap in SocGen's finances after it lost nearly 5 billion (more than US$7 billion) unwinding what the bank says were unauthorized ...