Societe Generale SA, France’s second-largest bank, signed a liquidity contract on its shares with Rothschild & Cie, which will allow the financial company to trade the bank’s stock to avoid excessive swings in prices, according to a note posted on the bank’s website.
“They’ll buy and sell Societe Generale shares to stabilize the price and quell volatility,” a spokeswoman said.
Societe Generale, whose shares were battered in the past month, said the liquidity contract is worth EUR170 million.
Paris, 23 August, 2011 (Dow Jones)
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