OECD's Gurria: No systemic problem in Socgen case

DAVOS, Switzerland (Reuters) - OECD chief Angel Gurria said on Thursday he was shocked by the rogue trader scandal at French bank Societe Generale, but added it did not stem from the underlying financial system.

"We are all shocked," he told Reuters on the sidelines of the World Economic Forum in Davos, adding however more information is needed to identify what caused the incident.

Societe Generale, France's second-largest listed bank, said on Thursday it had uncovered a fraud which will have a negative impact of 4.9 billion euros ($7.16 billion) on the group.

Gurria said in the current volatile market, this sort of announcement would normally have triggered huge stock market losses.

"But it did not. So it's been treated as an isolated incident, it's going to be dealt with, and that means the market is strong, stable," Gurria said.

"It's a very serious incident to one bank. Other banks have been suffering incidents of other nature, subprimes. This is a different kind and this does not show a systemic problem."

(Reporting by Natsuko Waki; editing by Sue Thomas)