Siemens Withdrew Deposits From SocGen -Source

(We were first to identify SocGen as Siemens' bank after a previous report by the FT said the German group had withdrawn deposits from an unnamed "French bank")

By Lionel Laurent and Eva Kuehnen

PARIS/FRANKFURT, Sept 20 (Reuters) - German engineering group Siemens (SIEGn.DE) withdrew funds from Societe Generale in July because of underperformance, not fears over the French bank's financial health, a Paris-based source said on Tuesday.

The source told Reuters that the deposits 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 (European banking) stress tests (in July)," the source said. "The withdrawal was for reasons related to performance and not to French bank issues."

(Read on...)