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Societe Generale raises euro4.8B to repay govt loans

Societe Generale raises euro4.8 billion to repay French government for 2008 emergency bailout

  • On 6:35 am EDT, Thursday October 29, 2009

PARIS (AP) -- French bank Societe Generale SA said Thusday it has completed a euro4.8 billion (US$7.1 billion) capital increase in order to pay back government bailout money.

Societe General said it would repay a total of euro3.4 billion to the government on November 4.

The rest of the money will strengthen SocGen's capital position and fund the acquisition of 20 percent of French lender Credit du Nord from Franco-Belgian lender Dexia SA.

Two of France's other leading banks, Credit Agricole SA and BNP Paribas, have also made plans to repay the billions of euros they got from the French government to keep them lending when credit markets dried up from the financial crisis.

Societe Generale shares rose 2.2 percent in morning trading to euro44.46.

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