November 19, 2018 / 6:24 PM / a month ago

SocGen says $1.3 billion U.S. penalties will not affect 2018 results

A view shows the logo on the headquarters of French bank Societe Generale at the financial and business district of La Defense near Paris, France, September 6, 2017. Picture taken September 6, 2017. REUTERS/Gonzalo Fuentes

PARIS (Reuters) - French bank Societe Generale (SOGN.PA) said on Monday it agreed to pay $1.3 billion in penalties to the U.S. authorities to settle a dispute over violations of U.S. economic sanctions, adding the fines were entirely covered by provisions.

“These agreements will not have an additional impact on the Bank’s results for 2018,” the bank said in a statement.

Additionally, Societe Generale agreed to pay a $95 million penalty to the New York State Department of Financial Services.

Reporting by Inti Landauro, Editing by Sarah White

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