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French Bank Crisis

French Bank Crisis

French bank Societe Generale has seen net profits crash by 84% for the third quarter, hit by the credit crisis.

Net profits in the 3 months to the end of September fell to €183m  ($235m; £145m) from €1.12bn  in the same period last year.

The bank has been hit hard by the chaos in the finance sector with the collapse of Lehman Brothers alone prompting a €447m write down.

Despite the results the bank said it was positioned to deal with the downturn.

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Posted by Kevin Phoenix - November 4, 2008 at 12:29 pm

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