Societe Generale hopes for resolution to IBOR, Libya investigations within weeks
PARIS, March 19 (Reuters) - Societe Generale SA said on Monday that it had entered into a “more active” phase of discussions with U.S. authorities over their investigation into IBOR submissions and transactions made by the French bank involving Libyan counterparts.
The bank said it hoped for a resolution to the two matters in the coming weeks.
Societe Generale said that it could not yet determine the financial impact of the dispute and that it had booked in a 2.3 billion euro ($2.8 billion) provision for all disputes into its financial statements.
Within this provision is approximately 1 billion euros that is allocated to IBOR and Libyan matters, the bank said.
​ ($1 = 0.8154 euros) (Reporting by Richard Lough; editing by Laurence Frost)