An unexpected spanner in the works for the big French banks came, of course, in the form of the recent Russian financial crash. Their exposures were great and losses may derail carefully laid plans and strategies for the coming years.
Société Générale has been one of the worst hit through Russian exposure and has booked a provision of Ffr2.5 billion ($430 million) in its first-half results. Some analysts fear the actual losses will be much higher.
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