LONDON: French bank Societe Generale on Wednesday said its net profit tumbled by over a quarter in the second quarter of this year due to the cost of settling a lawsuit with Libya’s sovereign wealth fund.
While it had already set aside some funds, Societe Generale had to book a charge of nearly billion euros against second-quarter profits for the out-of-court settlement with the Libyan Investment Authority (LIA) in May.
The LIA sued the bank in 2014 for $1.5 billion for allegedly channelling bribes to allies of Muammar Qaddafi’s son. The case had been about to go to court in Britain.
The charge pushed net profit down to €1.05 billion ($1.24 billion), but that still beat the average forecast of €940 million euros of analysts surveyed by financial data firm Factset.
“In a mixed economic and financial environment, Societe Generale posted sound second-quarter results, confirming the good commercial and operating performances achieved by the businesses at the beginning of the year,” chief executive Frederic Oudea said in a statement.
Stripped of exceptional items — including a capital gain of over 725 million in the second quarter last year from the sale of its stake in Visa Europe, the bank’s profit rose by 11 percent to €1.16 billion.
Operating expenses rose by 1.2 percent as Societe Generale stepped up investments into modernizing its French retail bank operations and support growth in its international retail banking operations.
While the profitability of operations at home continued to suffer from the effects of the ultra-low interest rates in the eurozone, retail banking and financial services abroad enjoyed growth and net profit jumped 30 percent to €568 million.
Oudea said the bank would present a new strategic development plan in November.
The bank’s shares dropped more than three percent in early trading on the Paris stock exchange, while the CAC 40 index slid 0.2 percent.
Société Generale earnings hit by impact of Libya sovereign wealth fund lawsuit
Société Generale earnings hit by impact of Libya sovereign wealth fund lawsuit
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
