Azerbaijan, Baku, 25 January / corr Trend A. Badalova/ Societe Generale Group uncovered fraud in the subdivision of its markets, Societe Generale said on 25 January.
The Group expects its net income for 2007 to be in the range of Euro 0.6-0.8 bln including the loss resulting from this fraud and additional US residential mortgage and monocline related write-downs. The group intends to pay a dividend for 2007 in line with its pay-out ratio target 45%.
"No changes will be made to the activities and strategy of Societe Generale in Azerbaijan," Teyba Gulieva, the head of the Societe Generale in Azerbaijan said.
"Societe Generale is faithful to the current plans and will further contribute to the economic development of the country," she said.
Societe Generale has been operating in Azerbaijan since 1998 and is one of the creditors of such projects as Azeri-Chirag-Guneshli, BTC and others.