PARIS: France’s second-biggest bank Societe Generale said Monday that it had reached agreements with US and French authorities to settle inquiries into the rigging of Libor interest rates and its dealings in Libya.
The bank did not reveal how much it paid to end the cases, but said that it had already provided for the amount in its accounts and that it would have “no impact on Societe Generale’s results.”
The bank said last month it had set aside one billion euros ($1.2 billion) to settle both the Libor and Libya disputes.
It said the agreements reached with the French financial prosecutor’s office and the US Department of Justice would be submitted to the country’s courts for approval on June 4 and June 5 respectively.
In a statement the bank added that it would provide more details once the settlements were made public by the authorities.
Societe Generale joins a host of other banks that have reached settlements with US tax authorities for attempting to manipulate the London Interbank Offered Rate (Libor), which governs credit costs around the world.
Germany’s largest lender Deutsche Bank paid $240 million to resolve claims that it conspired with other banks to manipulate the rate, while HSBC forked out $100 million.
Barclays, Royal Bank of Scotland, Goldman Sachs and BNP Paribas are among other lenders that have been forced to pay hefty sums to avoid potentially embarrassing court cases.
The legal woes weighing on Societe Generale were compounded by allegations that it channeled bribes to associates of slain Libyan dictator Muammar Qaddafi’s son Seif Al-Islam during Qaddafi’s reign.
Last year, Societe Generale paid nearly a billion euros to settle a case brought by the Libyan Investment Authority (LIA), the country’s sovereign wealth fund.
The LIA accused the French bank of paying at least $58 million to a Panama-registered company called Leinada as part of a “corrupt scheme” to get the LIA to invest billions in Societe Generale and its subsidiaries between 2007 and 2009.
Leinada was at the time headed by an associate of Seif Al-Islam.
While reaching a deal with the Libyan fund to end its long-running lawsuit, Societe Generale remained under investigation in the US and France over the affair.
The announcement by Societe Generale that it had settled with tax authorities marks an end to a scandal which led to the surprise departure of its deputy CEO Didier Valet in March.
Valet was one of two senior executives to step down, along with the bank’s head of retail banking.
The departures rattled investors, casting a pall over Societe Generale’s results in the first quarter, in which it booked higher-than-expected net profits of €850 million.
SocGen reaches deals to end probes on Libor, Libya
SocGen reaches deals to end probes on Libor, Libya
- The bank said last month it had set aside one billion euros ($1.2 billion) to settle both the Libor and Libya disputes
- Societe Generale joins a host of other banks that have reached settlements with US tax authorities for attempting to manipulate the London Interbank Offered Rate
Arab Energy Fund takes minority stake in Saudi energy firm APSCO
RIYADH: The Arab Energy Fund has acquired a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., backing one of the Kingdom’s largest private energy solutions providers as it looks to expand across the Middle East and beyond.
The investment initiates a partnership aimed at pursuing opportunities across the Middle East, North Africa, and select international markets, covering APSCO’s core and adjacent business sectors.
The move underscores TAEF’s commitment to investing in established regional leaders while promoting innovation and sustainable growth across the energy value chain.
According to a press release, the transaction marks The Arab Energy Fund’s first investment of 2026, following an active 2025 during which the fund completed several key deals, including investments in Jafurah Midstream Gas Co. alongside BlackRock and in the platform Tagaddod.
Khalid Al-Ruwaigh, CEO of The Arab Energy Fund, commented on the deal, saying: “APSCO represents a unique platform with strong fundamentals and a proven track record in critical energy segments.”
He added: “This investment aligns with our mandate to support high-quality energy and energy-adjacent businesses that are well-positioned to capture growth across the region and beyond.”
The Arab Energy Fund is a multilateral impact financial institution established in 1974 by 10 Arab oil-exporting countries.
Mohammed Ali Ibrahim Alireza, managing director, APSCO, said: “We welcome The Arab Energy Fund as a strategic partner supporting our next phase of growth.”
He added: “As a pioneer in energy solutions for over 60 years, APSCO remains committed to quality, reliability, and innovation, while continuing to contribute to Vision 2030 by enhancing efficiency and minimizing environmental impact.”
The partnership is designed to bolster APSCO’s long-term growth strategy, operational excellence, and geographic expansion, leveraging TAEF’s regional expertise and institutional network.
APSCO is a Saudi energy company with more than 60 years of experience in integrated energy solutions, including aviation fuels, lubricants, and a nationwide automotive retail network.
The company holds long-term partnerships with global energy leaders, including a 60-year relationship with ExxonMobil for lubricant distribution across several Middle Eastern countries. Since 1999, APSCO has also been the exclusive aviation fueling services provider for Saudia.
