SocGen raises $2.94 bln long-term funds in July-Aug
PARIS, Sept 11 |
PARIS, Sept 11 (Reuters) - France's No. 2 listed bank, Societe Generale, raised 2.3 billion euros ($2.94 billion) in long-term funding between July 23 and Aug. 27, according to the slides of a presentation by its chief executive posted online on Tuesday.
The presentation said that 16.5 billion euros of long-term funding had been raised between January and Aug. 27. The bank's previous disclosure said that as of July 23, year-to-date long-term funding of 14.2 billion had been raised.
SocGen is selling assets and cutting costs to improve its funding profile and boost its balance-sheet strength ahead of tougher regulations under the Basel III regime.
SocGen reiterated the bank's target of a 9.0 to 9.5 percent core Tier 1 ratio at the end of 2013 under Basel III. ($1 = 0.7821 euros) (Reporting by Lionel Laurent; Editing by James Regan)
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