NEW YORK and PARIS, May 8, 2013 /PRNewswire/ -- Societe Generale announced today the settlement of its pending litigations against MBIA and others which had challenged MBIA's 2009 restructuring.
The settlement favorably ends a longstanding dispute involving credit default insurance written by MBIA and its affiliates covering multiple structured credit products. In connection with the settlement, Societe Generale and MBIA will commute all affected policies held by Societe Generale. Societe Generale does not expect the settlement to materially impact its second quarter performance.
Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking,recognised on its markets, close to customers, chosen for the quality and commitment of its teams.
More than 154,000 employees, based in 76 countries, accompany 32 million customers throughout the world on a daily basis.
Societe Generale's teams offer advice and services to individual, corporate and institutional customers in three core businesses:
- Retail Banking in France with the Societe Generale branch network, Credit du Nord and Boursorama;
- International Retail Banking, with a presence in Central & Eastern Europe, Russia, the Mediterranean Basin, Sub-Saharan Africa, Asia and French Overseas Territories;
- Corporate and Investment Banking with a global expertise in investment banking, financing and global markets.Societe Generale is also a significant player in Specialised Financial Services, Insurance, Private Banking, Asset Management and Securities Services.
Societe Generale is included in the socially-responsible investment indices: FTSE4Good and ASPI.
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Societe Generale Corporate & Investment Banking
At the core of Societe Generale's universal banking business model, the Corporate & Investment Bank is a well-diversified and leading player with nearly 12,000 professionals present in 33 countries across Europe, the Americas and Asia-Pacific.
Standing by its clients across sectors, the Corporate & Investment Bank tailors solutions for them by capitalising on its worldwide expertise in investment banking, global finance, and global markets.
- For Corporates, Financial Institutions and public sector: providing a global advisory approach (M&A, debt, equity transaction, capital structure, and asset & liability management), as well as quality capital raising solutions across the debt and equity spectrum, optimised financing and expert risk management responses notably in the realm of foreign exchange and rates derivatives.
- For investors: offering reliable and sound investment opportunities and risk management solutions through its integrated global markets platform delivering seamless access to markets (equity, rates, credit, currencies, commodities and derivatives), as well as advice and solid financial engineering, quality of execution and forward looking research across asset classes.
SOURCE Societe Generale