* Move due in March 2013
* Replacement to be named at a later date
* Departure won't rattle markets-analyst
PARIS, Dec 18 Societe Generale finance
head Bertrand Badre is to join the World Bank as chief financial
officer in 2013, af ter a year spent steering France's No. 2 bank
through asset sales, cost cuts and the euro crisis.
CFO Badre will leave the French bank to take up the new
position on March 1, a SocGen spokeswoman said, adding that his
replacement would be named at a later date.
SocGen has just wrapped up a year-long plan to slim down its
balance sheet and strengthen its capital base, which saw it cut
jobs and sell assets as part of a Europe-wide drive to meet
incoming Basel III post-crisis capital rules ahead of schedule.
Given that SocGen has already completed the sale of its
unprofitable Greek unit Geniki and agreed to sell its Egyptian
unit National Societe Generale Bank to Qatar National
Bank, the departure of Badre is unlikely to rattle
"The bulk of the work has been done at SocGen," said Benoit
Petrarque, analyst at Kepler. "It is a shame, though, he was a
Before joining SocGen at end-2011 in the wake of a market
panic over the euro-zone debt crisis that saw French bank
investors head for the exit, Badre had served as CFO at rival
Badre had also previously worked at investment bank Lazard
and the French Ministry of Finance, where he was
seconded to the World Bank in Togo in 1997.