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Soc-Gen raises $8.44 Bn to plug loss
By siliconindia
Paris: Seeking to restore its status as a top-tier bank after a massive trading scandal, Societe Generale SA (Soc-Gen) bank has raised $8.44 billion in new capital through a share offering.
The share issue was oversubscribed by 184 percent, with total subscription orders of $15.65 billion, the bank said on Tuesday.
The funds help plug a gap in Soc-Gen's finances after it lost more than $7 billion in unwinding what the bank says were unauthorized bets by trader Jerome Kerviel and after $3.8 billion in write-downs linked to the U.S. subprime mortgage crisis.
The bank plans to use the new capital to boost its financial standing and fund future growth in Russia, Brazil, India and central and Eastern Europe. "The success seen in this operation will allow Soc-Gen to pursue its development plans," the bank said. Soc-Gen said its tier-1 ratio, a measure of financial strength, was restored to 8 percent. Existing shareholders, who had preferential subscription rights, were offered new shares for $68.94 and were able to buy one new Soc-Gen share for each four shares held.