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UPDATE 1-SocGen CFO to quit for World Bank post
December 18, 2012 / 5:55 PM / 5 years ago

UPDATE 1-SocGen CFO to quit for World Bank post

* Move due in March 2013

* Replacement to be named at a later date

* Departure won’t rattle markets-analyst

PARIS, Dec 18 (Reuters) - 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 markets.

“The bulk of the work has been done at SocGen,” said Benoit Petrarque, analyst at Kepler. “It is a shame, though, he was a good CFO.”

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 Credit Agricole.

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.

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