SocGen stake in Vivendi not strategic, CEO says
05/03/2012| 08:22am US/Eastern
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Societe Generale's (>> SOCIETE GENERALE) 7.86 percent stake in entertainment group Vivendi (>> VIVENDI) is not strategic and is linked to an employee savings scheme managed by the French bank, SocGen's chief executive said on Thursday.
Societe Generale's (>> SOCIETE GENERALE) 7.86 percent stake in entertainment group Vivendi (>> VIVENDI) is not strategic and is linked to an employee savings scheme managed by the French bank, SocGen's chief executive said on Thursday.
"(The Vivendi stake) is not strategic and it is mainly linked to the fact that we manage their employee savings scheme," Frederic Oudea told journalists on a conference call.
Separately, SocGen Deputy CEO Severin Cabannes said a surge in fixed-income revenue in the first quarter had been driven by both client activity and trading, adding that client demand could be fulfilled whatever the regulatory environment.
(Reporting by Lionel Laurent; Editing by James Regan)
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