Societe Generale Condemns Illegal Ivory Coast Unit Seizure
PARIS (Dow Jones)--French bank Societe Generale S.A. (GLE.FR) Tuesday said it "strongly condemns" the seizure of its unit in Ivory Coast, SGBCI, last month by the government of incumbent president Laurent Gbagbo, saying that the situation in the African country remains extremely difficult.
In February, the government took over the offices of four foreign lenders, including the local units of French lenders Societe Generale and BNP Paribas SA (BNP.FR), as well as the U.K.'s Standard Chartered PLC (STAN.LN) and U.S. bank Citigroup Inc. (C), with plans to nationalize these banks, which hold a majority of current accounts for civil servants, and pay February salaries.
Tensions have continued to rise after Gbagbo refused to step down following November's election.
Societe Generale said in an emailed statement that the appointment of a government-backed general director Feb. 23 was carried out in an irregular manner, without the approval of the requisite management bodies of the bank and in contravention of governance.
"Neither SGBCI nor Societe Generale Group can be considered legally bound by any acts committed in the name of and for the account of SGBCI, by persons so appointed," the bank said.
Societe Generale said it hopes to be able to re-open its branches in Ivory Coast under normal conditions as soon as possible, adding that it continues to monitor the evolution of the situation in the country on a daily basis.
-By Elena Berton, Dow Jones Newswires; +33 1 40 17 17 65;
elena.berton@dowjones.com
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