Reuters: Financial Services and Real Estate: SocGen stake in Vivendi not strategic, CEO says

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

SocGen stake in Vivendi not strategic, CEO says May 3rd 2012, 08:49 PARIS | Thu May 3, 2012 4:49am EDT PARIS May 3 (Reuters) - Societe Generale's 7.86 percent stake in entertainment group 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.

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