SocGen denies market rumors amid share slide

A Societe Generale (SOGN.PA) spokeswoman denied a series of rumors related to its financial solidity which, along with speculation on France's sovereign debt rating, caused its shares to plummet on Wednesday.

"SocGen categorically denies all the market rumors," the bank spokeswoman said.

An official from President Nicolas Sarkozy's office also said that the bank had not been present at a morning meeting with government ministers and the head of the French central bank to discuss the "economic and financial situation."

Societe Generale shares were down as much as 21 percent in the afternoon, but clawed back some of the losses to be down about 14 percent at 10:45 a.m. EDT.

[Source: Reuters, Paris, 10Aug11]

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