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EU cuts SocGen antitrust fine by about half to 227.7 mln euros
April 6, 2016 / 3:06 PM / 2 years ago

EU cuts SocGen antitrust fine by about half to 227.7 mln euros

* SocGen recalculated size of its turnover

* Credit Agricole, HSBC, JPMorgan still waiting for EU ruling

By Foo Yun Chee

BRUSSELS, April 6 - European Union antitrust regulators have cut Societe Generale’s rate rigging fine by 49 percent to 227.72 million euros ($259.24 million) after the French lender recalculated the value of its sales.

France’s second-largest bank was hit with a fine of 446 million euros in December 2013, one of seven banks charged with rigging the euro interbank offered rate (Euribor) as a cartel.

“The amended fine is based on the amended value of sales data provided by Societe Generale in February 2016 after the bank realised that it had initially provided incorrect data to the Commission,” the European Commission said in a statement.

SocGen announced the reduced fine last month but did not provide a figure.

The other penalised lenders were Deutsche Bank and RBS, which admitted wrongdoing in return for a 10 percent cut in their fines. Whistleblower Barclays escaped a sanction.

But Credit Agricole, HSBC and JPMorgan decided to fight the charges and are likely to see a decision this year.

SocGen’s reduced fine meant the total penalty for the Euribor and yen Libor rate rigging cartels fell to 1.49 billion euros from 1.7 billion euros.

Members of the yen Libor group were whistleblower UBS, RBS, Deutsche Bank, JPMorgan, Citigroup, ICAP and UK-based brokerage RP Martin.

$1 = 0.8784 euros Reporting by Foo Yun Chee, editing by David Evans

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