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SocGen says it will ‘soon’ settle with authorities on current investigations

The French bank Societe Generale wants to reach settlements with authorities over recent regulatory quests in the next weeks or months, its chief financial officer told CNBC Tuesday.

“On two actions around Libor and LIA (the Libyan Investment Authority) we are expecting a settlement within weeks and months,” Philippe Heim, the CFO at the bank maintained.

In August, U.S. authorities charged two managers at the French bank for manipulating the U.S. dollar Libor benchmark concerned rate — a key industry interest rate that impacts mortgages, ascribe cars and other loans. More recently, French authorities started a preliminary research into the possible breaking of anti-corruption laws during its work with the Libyan Investment Arbiter government.

On Monday, the bank said that it was putting 570 million euros ($678 million) aside for above average charges in the fourth quarter. The French lender also announced maps to cut up to 900 jobs and close 300 branches across France as it flutters on digital banking.

The third-largest bank in the country is putting forward a 1.1 billion euro ($1.31 billion) cost-saving aim that also includes closing some of its back offices.

“Basically what we are accompanying in France is that banking is becoming more e-commerce, so more and multitudinous products are now distributed online. So it means that in practice we have to alter in-depth the way we are distributing our products,” Heim told CNBC Tuesday.

The aim is also to too profitability amid a tough regulatory environment and provide more investment in new technologies. The bank shortages to increase its profits and revenues over the next three years, hoping to fulfil about 3.6 billion euros ($4.29 billion) in additional takings during that period.

Analysts were expecting the restructuring be up ti, but some were surprised as to how far the cost-saving measures went. As a result, the livestock was trading slightly higher on Tuesday.

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