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SocGen CEO Oudea Says Bank Will ‘Remain Flexible’ on Russia Unit

March 16, 2022, 4:22 PM

Societe Generale SA Chief Executive Officer Frederic Oudea signaled the bank plans to stay flexible in Russia, while stopping short of joining European rivals that are pledging to review or exit their business in the country after the Ukraine invasion.

Oudea, speaking at a conference organized by Morgan Stanley on Wednesday, said that the Rosbank PJSC unit is being managed on a standalone basis, and that the firm overall is seeking to reduce its Russia risk. The bank in Moscow has excess liquidity and doesn’t need funding from the central bank, he said.

While Paris-based SocGen is one of ...