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French multinational bank Societe Generale announced today that it expects to pay €1.2 billion ($1.4 billion) in penalties to United States authorities to settle international sanction violations in the coming weeks.
According to the statement from the bank, it is in active talks with US authorities to settle an investigation concerning US dollar transactions that were processed by the French bank and involved countries that have US economic sanctions against them.
In an update released today, the bank said: “Societe Generale expects that the amount of the penalties in the U.S. Sanctions Matter will be almost entirely covered by the provision for disputes allocated to this matter.”
Currently, the bank has €1.43 billion set aside to cover the legal penalties. Societe Generale has been tied up in a number of costly legal battles for more than a year. However, this is the last case that the bank needs to settle in regard to violating US sanctions.
Source: Finance Magnates
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