May 2, 2018 / 8:46 PM / 2 years ago

Societe Generale ready to pay up to $1 billion to end U.S. probes: Bloomberg

FILE PHOTO: A general view shows French bank Societe Generale headquarters buildings in La Defense near Paris, France, February 11, 2016. REUTERS/Benoit Tessier/File Photo

(Reuters) - French bank Societe Generale SA (SOGN.PA) is nearing a deal to pay up to $1 billion to resolve two U.S. investigations, Bloomberg reported on Wednesday, citing people familiar with the matter.

The company has agreed to pay about $800 million in penalties to U.S. and French authorities, with an additional penalty to be paid to the Commodity Futures Trading Commission, Bloomberg said, citing sources.

The United States is investigating alleged Libor rigging and separately looking into transactions made by the bank involving Libyan counterparts.

The settlement which deals with the U.S. Justice Department could be announced as early as this week, according to Bloomberg sources.

Bloomberg said the portion of the penalties to be paid to France is still being worked out, citing sources.

The bank had earlier said that it set aside about 1 billion euros ($1.2 billion) to cover the Libor and Libyan investigations.

Societe Generale did not immediately respond to Reuters request for comment.

Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Hugh Lawson

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