Sat, Jul 04 2009

Societe Generale France fraud case will not influence results SG Expressbank Bulgaria - bank

Fri, Jan 25 2008 14:01 CET byRene Beekman 1313 Views

The Societe Generale Expressbank Bulgaria issued a statement on January 25, saying that the massive fraud case which had been uncovered by Societe Generale in France, would not affect the results of the Bulgarian bank.

On January 25 French Societe Generale announced that a rogue lone trader had made unauthorised bets on stock markets, but may not have netted him a cent, Associated Press said.

The bank said the fraud was "exceptional in its size and nature," and it apparently went undetected by its own multi-layered security systems for more than a year.

AFP news agency said that a Paris-based trader allegedly built up 4.9 billion euros of losses, wiping out Societe Generale's 2007 profit and leaving it as a potential takeover target.

The trader was identified as 31-year-old Jerome Kerviel.

The Bulgarian Societe Generale Expressbank said it expected that the fraud would have no effect on its performance and that results in 2008 would continue trends from 2007.

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