The FINANCIAL — According to Dow Jones, Societe Generale SA (SCGLY) said on April 14 it isn't in talks to buy a stake in a Chinese bank or to cooperate with a Chinese life insurance firm, denying a report in the local media over the weekend.
The French bank is generally interested in becoming a strategic investor in China, but "so far there isn't really much progress," said Tracy Hu, head of China communications at Societe Generale. "There's no concrete decision."
The central bank-backed Financial News reported Saturday Societe Generale is in talks with a Chinese bank to buy up to a 20% stake as well as with a Chinese life insurance company on cooperation.
Hu said the report was a "misunderstanding."
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