PARIS Oct 23 Boursorama, the online
broker controlled by French bank Societe Generale,
will book a third-quarter net loss of 57 million euros ($79
million) due to writedowns on its UK and German units, it said
The firm said in a statement its results for the quarter,
due to be published on November 6, will include 63 million euros
in one-off losses related to the British business Selftrade and
The impairments are due to the costs of a more demanding
compliance framework and new rules for managing client money
deposits in the UK, leading to reduced net interest margins,
Boursorama, which has a market capitalisation of 666 million
euros, also said that growth in the retail brokerage market in
the UK and Germany had missed expectations.
As Selftrade and OnVista generate a significant part of
their net banking income from this activity, the planned
business growth assumptions have been revised downward, it said.