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"No news is good news," SocGen Chief Executive
Frederic Oudea told an investor conference in London on
Wednesday when asked for an update on outstanding litigation
issues in the United States.
"The inquiry about the embargo: we are at a very preliminary
stage, what we try to achieve is the end of (the) internal
investigation by end-2015...So you see, nothing to expect in the
coming quarters".
SocGen increased its litigation provision by 200 million euros
($252 million) to 900 million as of the end of June 2014.
It was not immediately clear if the U.S. authorities may decide
on the SocGen issue before the bank sends the results of its own
investigation.
Credit Agricole said in August that it was starting discussions
with U.S. authorities over possible sanctions breaches after it
had sent the results of its internal review.
BNP Paribas pleaded guilty in June on two criminal charges,
accepted a ban on certain dollar clearing activities and agreed
to pay a total of $8.97 billion to resolve accusations it
violated U.S. sanctions against Sudan, Cuba and Iran over a
10-year period up to 2012.
(1 US dollar = 0.7937 euro)
(Reporting by Maya Nikolaeva; Editing by James Regan)
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