SocGen says investment bank deleveraging continues
PARIS (Reuters) - Societe Generale (SOGN.PA: Quote) aims to cut the liquidity needs of its corporate and investment bank by 50 to 60 billion euros ($79.93 billion) as it sells more loans, the French bank said on Wednesday in a slide presentation.
SocGen, which like other big French banks is aggressively shrinking its balance sheet to meet tougher regulatory requirements and cope with reduced available funding, said it aims to cut its Basel 3 risk-weighted assets by 30 to 40 billion euros.
SocGen, in slides provided ahead of a London presentation by Chief Executive Frederic Oudea, also said the bank would meet its Basel 3 capital requirement target between now and 2013.
($1 = 0.7506 euros)
(Reporting by Christian Plumb; Editing by Elena Berton)
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