Siemens withdrew more than half-a-billion euros in cash deposits from a large French bank two weeks ago and transferred it to the European Central Bank, in a sign of how companies are seeking havens amid Europe’s sovereign debt crisis. [...]
In total, Siemens has parked between €4bn ($5.4bn) and €6bn at the ECB’s facilities, mostly through one-week deposits, this person said. Only a handful of large companies have the banking licences that allow them to deposit cash directly with the ECB.
Siemens’ move demonstrates the impact of the eurozone’s deepening sovereign debt crisis on confidence in European banks. It was not clear from which bank Siemens withdrew its deposits. A person familiar with BNP Paribas said, however, that it was not the bank involved.According to Bloomberg, Lloyd's of London is also pulling money from the peripheral European countries banks — note that Bloomberg thinks the deposits Siemens withdrew were from SocGen, while the FT thinks it was from BNP-P:
Lloyd’s of London, concerned European governments may be unable to support lenders in a worsening debt crisis, has pulled deposits in some peripheral economies as the European Central Bank provided dollars to one euro-area institution. [...]
Siemens AG (SIE), European’s biggest engineering company, withdrew short-term deposits from Societe Generale SA, France’s second-largest bank, in July, a person with knowledge of the matter said yesterday. Lloyd’s, which holds about a third of its 2.5 billion pounds ($3.9 billion) of central assets in cash, has stopped depositing money with some banks in Europe’s peripheral economies, Savage said, declining to name the countries or institutions.According to the Figaro (in French, h/p blbl), Match.com is trying to do the same from Meetic.com's accounts. Meetic.com is a subsidiary Match.com took over last year. Here's a similar report I managed to find in English:
The new American owner of the site Meetic, Match.com, wants the games portal puts his money in a U.S. bank, and not French, said on Tuesday, the founder of the French group, Marc Simoncini, Radio BFM Business. As investors worried about the financial health of European banks, Marc Simoncini, who still holds 7% of the dating site he founded in 1995, reported that the French company had received an e-mail “this week -end “of Match.com who was concerned about where was the” cash for Meetic. ”
In his email, the American owners’ suggested or imposed (…) to move the money from the French bank in which it is to a U.S. bank, “said he. Marc Simoncini is not specified, however, which bank was concerned.
“There’s been no transfer of funds from one bank to another”, said Philippe Chainieux Tuesday, the director General Meetic, confirming however that the dating site had indeed received a request from its largest shareholder America. “Match.com has actually asked this weekend our cash position in the different banks that we use and pay conditions to compare with the conditions of pay in the United States,” said Philippe Chainieux. The review “has no connection with the solvency of European banks or not. It means not any panic,” assured Philippe Chainieux, refusing to give the names of financial institutions housing the Group’s accounts.