Societe Generale CEO Says Europe Needs More Unity, Not Stress Tests

Frederic Oudea Societe Generale

Societe Generale’s CEO Frédéric Oudéa says the eurozone needs no more banking stress tests, but needs to get on with the process of convergence.

Speaking to CNBC, Oudéa said investors were overestimating the threat of sovereign debt exposure to European banks and suggested any data on the matter was now public.

It’s not surprising Oudéa doesn’t want more stress tests. Deutsche Bank previously estimated 15.7% of SocGen’s total bank value was exposed to the sovereign debt crisis in Europe (Greece, Ireland, and Portugal only).

Oudéa also expressed his desire to see more convergence in Europe. While this may be partially based on more noble desires, it’s also possible this could be self-serving as further convergence may provide more German and French cash to back the debt SocGen is exposed to.

Check out the full story at CNBC >

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