SocGen serious, but not tied to markets: PM

DAVOS, Switzerland (Reuters) - French Prime Minister Francois Fillon said on Thursday fraud uncovered at bank Societe Generale was very serious, but was not tied to the turbulence in the financial markets.

Speaking to reporters at the annual meeting of the World Economic Forum in Davos, Fillon said the government was following the situation with "very, very great attention".

"Societe General has had to deal with a very major case of fraud. It is a serious case but at the same time it has nothing to do with the situation on the financial markets," he said.

SocGen, France's second-biggest listed bank, said earlier that fraud by a single trader had caused it a 4.9 billion euro ($7.1 billion) loss and it needed emergency funds.

The Bank of France set up an inquiry and said SocGen had taken steps to reinforce its capital.

"I note that (SocGen) has taken very significant measures to tackle this situation. I note that the Bank of France indicated that it wasn't worried about the solidity of this banking establishment. I am happy about that," Fillon said.

(Reporting by Sophie Louet, editing by Crispian Balmer)