9/15/2011

Trading partners and counterparties said French banks, including Societe General and BNP Paribas, have backed away from the Asian oil-swaps market. "We have said we will reduce certain lending activities," a SocGen spokeswoman said. "We have gone into some detail, but at this stage we are not going into specifics." The move comes as credit rating agencies downgraded two of the three largest French banks and gave the third a "negative" outlook.

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