European industrial group Siemens AG has withdrawn half a billion Euros from a French bank, which "Financial Times" and "Reuters" allege is named "Societe Generale" (according to a "Paris-based source"), but without being able to clearly determine whether it is indeed the bank which was abandoned by the German giant, in order to move its money from the European Central Bank, for a better interest rate, as well as due to being unhappy with the performance of the amount deposited (in which case the money had been placed in an investment vehicle, instead of a deposit), our out of concern over the health of the bank in the future, according to possible versions discussed by the foreign press, which nevertheless mentions that "Siemens" has disputed the factual accuracy of the report.
The rumor that the bank which the German company withdrew the money from might be "Societe Generale" actually adds fresh fuel to the fire started by rating firm "Moody"s", which cut the bank"s rating last Wednesday, together with that of "Credit Agricole", due to its massive holdings of government bonds of Greece and of other distressed Eurozone countries.
It must be said that "Societe Generale" ranks fourteenth in the world ranking published by "Bankers Almanac", in terms of assets (1.5 trillion dollars) which makes the huge amount of 500 million Euros, transferred by Siemens, nothing more than a speck of dust, but the fact that "Siemens" AG is the 50th among the World"s Most Admired Companies (according to a chart published by CNN Money, in which "Societe Generale" ranks 72nd), lends weight to its gesture, given the context of the fierce controversy between European bankers (who are asking the international financial institutions for funds) and the curt opinion of IMF head Christine Lagarde (who is asking them to bolster their capital).
A European source said for Reuters
