Apology from Mail on Sunday to Societe Generale
Société Générale categorically denies the totally false and irresponsible allegations made by the Mail on Sunday (Daily Mail) in the UK about any potential specific discussions with the French government concerning the situation of the bank. The unfounded article has been removed by the Mail on Sunday in acknowledgement of its inaccuracy.
Société Générale firmly reminds that it registered a solid positive Net Result of EUR 1.663 billion for H1.2011 which integrates the limited impact of its participation in the Greek rescue plan. The Group has a limited overall exposure to the euro zone countries at risk. Based on solid results and a Core Tier One of 9.3%, the Group can rely on its very solid financial structure and robust business model to cope with the current turbulent environment. Overall, the French banking system has proven to be one of the most robust over the past years of crisis.
The Mail on Sunday (Daily Mail) has published an apology further to allegations made on 7 August 2011 concerning the situation of the Group which Societe Generale categorically denied.
The following statement was issued on 9 August by the Mail on Sunday and is online on their website:
"In an article that appeared in the print edition and online version of the Mail on Sunday on 7 August 2011, it was suggested that according to Mail on Sunday sources, Société Générale, one of Europe's largest banks, was in a 'perilous' state and possibly on the 'brink of disaster'.
We now accept that this was not true and we unreservedly apologise to Société Générale for any embarrassment caused."
