Siemens (SI) Transfers Large Amount of Cash from French Bank, Cites Instability
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Siemens AG (NYSE: SI) shares are trading slightly lower Tuesday morning following reports it is making a massive shift of cash.
According to reports, Siemens is transferring about €500 million (or £436 million) from a French bank, which was unnamed, and is depositing the sum into the European Central Bank. The BBC notes Siemens made the move on concerns over the French banks stability.
Siemens is also reportedly getting a better interest rate from the ECB.
The move comes following the downgrade of several French banks Societe Generale and Credit Agricole by Moody's last week. The firm cited exposure to Greek debt on the cut.
According to reports, Siemens is transferring about €500 million (or £436 million) from a French bank, which was unnamed, and is depositing the sum into the European Central Bank. The BBC notes Siemens made the move on concerns over the French banks stability.
Siemens is also reportedly getting a better interest rate from the ECB.
The move comes following the downgrade of several French banks Societe Generale and Credit Agricole by Moody's last week. The firm cited exposure to Greek debt on the cut.
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