Corporates drawing on credit lines to secure liquidity - SocGen CEO

  • World
  • Tuesday, 17 Mar 2020

FILE PHOTO: Societe Generale's Chief Executive Officer Frederic Oudea attends the Euronext stock exchange's annual conference in Paris, France January 14, 2020. REUTERS/Benoit Tessier/File Photo

PARIS (Reuters) - French bank Societe Generale's chief executive said some large corporates are drawing on committed credit lines as they try to secure liquidity, but that they are sometimes doing that with no real need.

"They are doing this to gain more confidence, but in a relatively irrational way," Societe Generale CEO Frederic Oudea said at a conference organised by Morgan Stanley and broadcast on its website.

(Reporting by Maya Nikolaeva; Writing by Geert De Clercq; Editing by Jan Harvey)

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