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French insurer Groupama further cuts SocGen stake
December 31, 2012 / 12:20 PM / 5 years ago

French insurer Groupama further cuts SocGen stake

PARIS, Dec 31 (Reuters) - French mutual insurer Groupama now owns under 5 percent of the voting rights of Societe Generale after selling shares in the market, stock market watchdog AMF said on Monday.

Groupama has been shedding assets after coming under pressure from rating agencies to boost its balance sheet.

Groupama now owns 2.84 percent of the capital and 4.86 percent of the voting rights of the French bank.

At end-2011, Groupama owned 3.92 percent of the capital of Socgen and 6.66 percent of SocGen voting rights and 4.25 percent of the capital and 6.32 percent of the rights at end-2010.

Reporting by Dominique Vidalon; Editing by Elena Berton

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