SG cuts exposure to Spain and sets eyes on Russia

French investment bank Societe Generale has further cut its exposure to Spanish sovereign debt to €400m at the end of August €700m at the end of June.

The reduction in Spanish sovereign exposure has reduced SG’s overall banking exposure to peripheral eurozone countries to €2.1bn at the end of August.

This includes Ireland, Portugal, Greece and Italy.

Meanwhile, the bank’s chief executive Frederic Oudea said the bank is planning to seek more profits from its Russian and Romanian operations.

Speaking to the Financial Times, Oudea said that the bank has achieved the 70% mark in its plan to boost capital and reduce risky assets.

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