France: Société Générale hits back at critics

After stock collapses, bank talks up asset quality; Says profit warning reflects tougher outlook

Séverin Cabannes, deputy chief executive of Société Générale

“The French banking industry is probably the safest in Europe in terms of cost of risk and quality of assets”

Séverin Cabannes, Société Générale

In the month the sovereign debt crisis briefly came home to core Europe, a senior French banker had a surprise message.

“I would say that the French banking industry is probably the safest in Europe in terms of cost of risk and quality of assets,” says Séverin Cabannes, deputy chief executive of Société Générale.

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