http://uk.reuters.com/article/2011/09/20/uk-siemens-idUKTRE78J21T20110920Reuters) - German engineering group Siemens (SIEGn.DE) withdrew deposits from Societe Generale (SOGN.PA) in July because of the funds' underperformance and not because of fears over the French bank's financial health, a Paris-based source said on Tuesday.
The Financial Times newspaper had reported Siemens withdrew 500 million euros (434 million pounds) from an unknown large French bank two weeks ago, partly because of worries over its future health, and transferred them to the European Central Bank.
The Paris-based source told Reuters the deposits, while at SocGen, had been placed in an investment vehicle but was unable to say what the amount was.
"Siemens withdrew funds (from Societe Generale) before the publication of the outcome of the stress tests (in July)," the source said. "The withdrawal was for reasons related to performance and not to French bank issues."
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