(30 January 2008 – Europe) The French government has come to the aid of shell-shocked Societe Generale, warning off any potential hostile raids by both local and international banks.French banks BNP Paribas and Credit Agricole, as well as Britain’s HSBC and Barclays, have all been linked with potential bids for Societe Generale.
Societe Generale is attempting to deal with its US$8.04 billion losses blamed on unauthorised deals by one of its traders.
French Prime Minister Francois Fillon said the government was very attentive to any risk of destabilisation of Societe Generale and warned it would not allow the ailing bank to become the target of hostile raids by other banking establishments.