SocGen 'benefits' from $248m mistake, ABN Amro board member resigns

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Societe Generale's calculation “mistake” won the bank a $248 million windfall after European Union antitrust regulators slashed its half-billion dollar penalty for rigging benchmark interest rates.

Bloomberg News reports that The European Commission modified its 2013 decision after Societe Generale “made a mistake when submitting the initial data,” the EU authority said in a statement on Wednesday.

The amended fine of about $259.2m is based on corrected value of sales supplied by SocGen in February, the commission said.

SocGen `Mistake' Earns Bank $248 Million Cut to Euribor Fine

In the meantime, Reuters reports that a prominent member of the supervisory board of Dutch bank ABN Amro resigned on Thursday, a day after he was named in a Dutch newspaper in connection with the "Panama Papers" leaks.

In a statement Bert Meerstadt said he had already planned to step down from the bank's board later this year but had decided to do so immediately to avoid any "negative effects" on the bank following the newspaper report.

He said "for the time being" he would not answer any further questions raised by the report.

ABN Amro board member Meerstadt resigns after 'Panama Papers' report

 

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