March 27, 2009 / 3:54 PM / 10 years ago

SocGen's Geniki bank posts 2008 loss

ATHENS, Mar 27 (Reuters) - Geniki Bank GHBr.AT, majority owned by France’s Societe Generale (SOGN.PA), on Friday reported a loss of 37.5 million euros ($49.8 million), hurt by loan-loss provisions of 52.6 million.

The bank posted a loss of 43.6 million in 2007.

Geniki was taken over by SocGen in 2004 and is being restructured to compete with larger Greek banks.

The bank said its loan portfolio was 4.1 billion euros at end Dec, up 25 percent on the year. Total deposits slipped 8.0 percent to 2.5 billion euros. The gap is being funded by parent Societe Generale.

Geniki said it dropped plans to participate in the government’s 28 billion euro bank support plan by issuing preferred shares to the state in exchange for a capital injection of 150 million euros.

Instead, it will go ahead with a 175 million euro capital increase that will be covered by its shareholders.

Reporting by George Georgiopoulos; Editing by Erica Billingham

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