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Société Générale

Société Générale launches €5.5bn rights issue

By Peggy Hollinger in Paris

Published: February 11 2008 07:57 | Last updated: February 11 2008 16:26

Société Générale on Monday launched a deeply-discounted €5.5bn ($7.97bn) rights issue to repair the damage done by the financial industry’s biggest rogue trading scandal, as French bank admitted it had failed to implement sufficient control and anti-fraud measures.

The bank warned that the first half would be hit both by difficult market conditions and the need to “draw the lessons from recent events and strengthen... control procedures and anti-fraud measures”.

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