"There is no French bank that gets a major part of its revenues from the U.S. securitisation market. Apart from one-off losses, the consequences (of the subprime crisis) on their revenues and their profitability should therefore be weak," SocGen Chairman Daniel Bouton told Les Echos newspaper.
PARIS (Reuters) - The head of French bank Societe Generale <SOGN.PA> said in a newspaper interview published on Wednesday that he saw "limited impact" on the profitability of France's banks from the current subprime mortgage crisis.
"There is no French bank that gets a major part of its revenues from the U.S. securitisation market. Apart from one-off losses, the consequences (of the subprime crisis) on their revenues and their profitability should therefore be weak," SocGen Chairman Daniel Bouton told Les Echos newspaper.
Bouton added that the risk of contagion to the broader global economy from the subprime crisis was also limited.
(Reporting by Sudip Kar-Gupta; editing by Elizabeth Fullerton)
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