November 15, 2018 / 11:32 AM / a month ago

French bank SocGen ready in case of a hard Brexit scenario

PARIS, Nov 15 (Reuters) - Societe Generale, one of Europe’s biggest banks, is ready in case of a hard Brexit scenario, said SocGen chief executive Frederic Oudea on Thursday.

“We have the capacity to anticipate a hard Brexit situation, and we are ready to be able to adapt to it,” Oudea told BFM Business radio.

He said a hard Brexit may mean for his bank a shorter transition period than was expected.

British Prime Minister Theresa May was battling on Thursday to save a draft divorce deal with the European Union after her Brexit secretary and other ministers quit in protest at an agreement they say will trap Britain in the bloc’s orbit for years.

Oudea said the current political situation in Britain was hard to predict, and that the most favourable outcome was a smooth Brexit transition.

He added he was “optimistic” over the euro, despite the problems over Brexit and Italy’s economic situation. (Reporting by Sudip Kar-Gupta; Editing by Inti Landauro)

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