SocGen to provision up to €5B due to COVID-19 losses – CEO

Societe Generale S.A. will have to provision between €3.5 billion and €5 billion in 2020 due to coronavirus-related losses.

In addition, the bank’s equity ratio is expected to drop to between 11% and 11.5%, the lender’s chief executive Frederic Oudea said on Saturday in an interview with Les Echos.

“It is by far the most serious crisis we have had to face,” Oudea stated, two days after the bank posted an unexpected first quarter net loss of €326 million.

Breaking the News / MD