SocGen Able To Raise $7 Billion

The key message here is that the funding window remains open.

WSJ: French bank Societe Generale SA said Tuesday it is launching a €4.8 billion ($7 billion) rights issue to repay €3.4 billion in state funds, using the remainder to buy the 20% stake it doesn’t own in its Credit du Nord unit and to make acquisitions.

The announcement comes a week after cross-town rival BNP Paribas SA said that because of improving market conditions it would raise €4.3 billion in new capital to pay back the government.

The bank will repay the government immediately upon receipt of the cash.

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