Reuters logo
SocGen's online brokerage Boursorama warns of Q3 loss
October 23, 2013 / 5:49 PM / 4 years ago

SocGen's online brokerage Boursorama warns of Q3 loss

PARIS, Oct 23 (Reuters) - Boursorama, the online broker controlled by French bank Societe Generale, will book a third-quarter net loss of 57 million euros ($79 million) due to writedowns on its UK and German units, it said on Wednesday.

The firm said in a statement its results for the quarter, due to be published on November 6, will include 63 million euros in one-off losses related to the British business Selftrade and Germany’s OnVista.

The impairments are due to the costs of a more demanding compliance framework and new rules for managing client money deposits in the UK, leading to reduced net interest margins, Boursorama said.

Boursorama, which has a market capitalisation of 666 million euros, also said that growth in the retail brokerage market in the UK and Germany had missed expectations.

As Selftrade and OnVista generate a significant part of their net banking income from this activity, the planned business growth assumptions have been revised downward, it said.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below