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SocGen raises cash to repay aid

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SocGen raises cash to repay aid
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French bank Societe Generale is to sell 4.8 billion euros worth of new shares.

The cash raised will be used to repay bailout money the bank received from the Paris government as well as to increase the size of its business through acquisitions. SocGen’s rival BNP Paribas last week said it would raise 4.3 billion euros worth of new share capital to repay French state aid.