Category: Société Générale

Tata Steel to refinance $1.5bn offshore debt

Tata Steel’s Singapore arm T S Global Holdings Pte raised $1.5 billion debt to settle outstanding loans, the company said in a statement. Tata Steel group executive director-finance and corporate Kaushik Chatterjee said, “Tata Steel actively reviews all its financing options and seeks to continuously optimise its debt based on… – Continue reading

2,000 Firms Use BearingPoint FATCA Service

BearingPoint’s FiTAX catches on while a FATCA critic says that more Americans are renouncing their citizenship because of the controversial tax law. While controversy swirls around the Foreign Account Tax Compliance Act (FATCA), management and technology consultancy BearingPoint reports that between March and August 2015, more than 2,000 financial institutions… – Continue reading

Private banking: Singapore, Indonesia in private banking tug-of-war

Indonesians hold $300 billion in Singapore; controversial tax amnesty on the cards. Indonesia’s finance minister Bambang Brodjonegoro told Euromoney earlier this year that tax collection falls way short of targets and must improve to provide funding for infrastructure and other projects It doesn’t take much for Indonesia’s government officials to… – Continue reading

UK bankers call for Budget rethink on levy

Banks have intensified their calls for George Osborne, the UK chancellor, to give them a break on the bank levy in this week’s Budget by arguing that it has already caused a 13 per cent shrinkage of UK banking assets, reports the Financial Times. Optimism is growing among senior bankers… – Continue reading

United States: U.S. Nets Seven Financial Institutions Through Its Swiss Bank Program. Is Julius Baer Next?

On Thursday, May 28, 2015, the Department of Justice announced that pursuant to its August 29, 2013 Swiss Bank Program, it had reached settlement with four additional Swiss banks. The newest banks to settle, Société Générale Private Banking (Lugano-Svizzera), MediBank AG, LBBW (Schweiz) AG, and Scobag Privatbank AG, will pay… – Continue reading

DOJ Announces Four More Swiss Bank Resolutions

Last week, the Justice Department announced that it had reached resolutions with four more Swiss banks under the terms of the DOJ Swiss Bank Program. The latest banks to resolve their U.S. tax issues are the following: Société Générale Private Banking (Lugano-Svizzera); MediBank AG; LBBW (Schweiz) AG; and Scobag Privatbank… – Continue reading