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Societe Generale Behind Siemens’ Withdrawal

Yohay Elam
Updated:

The German corporation Siemens withdrew 500 million euros from Societe Generale according to sources. This happened before the stress tests.

This money was withdrawn at the beginning of July. The latest reports from Societe Generale are from the end of Q2, and point to a leverage of 28:1 according to the bank’s internal calculations. How does this withdrawal by Siemens affect the balance sheet of the SocGen?

Societe Generale’s share price is falling by 2.7% at the time of writing, while the French CAC 40 index is currently on the rise.

The WSJ reports that Siemens transferred to a deposit with the European Central Bank. In the initial report by the Financial Times, a name of a bank was not given.

 

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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