French bank Société Générale hit with 500,000 euro fine

France's financial market watchdog AMF slapped the bank Société Générale with a 500,000 euro fine for poor auditing of its asset management operations.

Reuters

This is on top of 280,000 euro fine for how the bank sold investment fund contracts.

AMF criticised the bank - France's second largest after BNP Paribas - for not allocating sufficent human and computer resources.

Société Générale can appeal both fines.

The bank also said there have been no complaints from asset management clients about its depositary control services.

This comes on the heels of last week's announcement that the banks second-quarter earnings were better-than-expected from a strong performance in its investment and corporate banking sector.

The bank said that net income more than doubled to 955 million euros in the three months ending June 30, from the same period a year earlier.