The managing director of Societe Generale Frédéric Oudéa said on Saturday on BFM Business that European banks were “extremely strong“, against a backdrop of the emerging banking crisis after several bankruptcies in the United States and the disaster takeover of Credit Suisse. “All European banks today are extremely strong“, assured Frédéric Oudéa on the sidelines of an event organized in Paris by the French association of private companies (Afep).
Banking establishmentsearn money by supporting their customers and in economies that work“, he resumed, they are”able to cope“to the current environment”uncertain“. The bankruptcy of California’s Silicon Valley Bank (SVB) on March 10 raised concerns about the soundness of the banking sector on both sides of the Atlantic.
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A “generalization” that “makes no sense”
First European victim, Credit Suisse was taken over in disaster by UBS last Sunday for a fraction of its stock market value. There “generalization“to a whole sector of these two events”has no sense“, underlined Frédéric Oudéa. But European banks remain under pressure, particularly on the stock market.
After a brief lull at the start of the week, banking stocks plunged again on Friday: Societe Generale shares, for example, lost 6.13%, the largest drop in the CAC 40 index. It lost a quarter of its value since March 9, the eve of SVB’s bankruptcy. I think that he “there is no rationality, no rational explanation for this nervousnesson the markets, indicated Frédéric Oudéa. Friday, it is the general manager of the French Banking Federation (FBF) Maya Atig who assured the Tribune that the French banking system “was very solid».