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Frederic Oudea vs Jerome Kerviel, In brief Societe Generale

By Amarendra Bhushan for CEOWORLD Magazine Updated:October 29, 2008

Frederic Oudea, chief executive of Societe Generale SA, said the defense of Jerome Kerviel, the trader blamed for causing a near EUR5 billion loss, is “contradictory.” “I will only make one comment on this case (of Kerviel’s defense): to say that people knew (about his trade positions) and at the same time trying to hide these trades is contradictory,” Oudea said, being interviewed on French radio station RTL. Oudea also said that, in the third quarter, SocGen’s lending to companies and retail clients increased by 18% and 10% respectively. “We continue to lend,” he said.

Societe Generale SA, the bank that suffered a record trading loss in January, rose in Paris trading after it stood by its third-quarter profit forecast. The shares climbed as much as 6.4pc and traded up 1pc at €38.38 at 9.35am, valuing the bank at €22.6bn. “Societe Generale reiterates the information communicated in its press release of October 13, 2008, (It) underlines the fact that should any events necessitate a communication to the market, Societe Generale would communicate the requisite information without delay, permitting a clear assessment of the situation,..Societe Generale has nothing specific to communicate regarding its capital markets activities, in particular equity derivatives, despite the difficult market conditions in October,..This is also the case for the bank’s other activities, including its international retail banking activities…” a spokeswoman said.

Frédéric Oudea
Chief Executive Officer

Date of birth: 1963

Educational background

Ecole Polytechnique
Ecole Nationale d’Administration

Since May 2008: Chief Executive Officer
March – May 2008: Deputy Chief Executive Officer
2003 – May 2008 : Chief Financial Officer
2002 : Deputy Chief Financial Officer of Société Générale Group
1998 – 2001: Head of Global Supervisory and Development of Equities
1995 – 1997 : Joined Société Générale
Deputy Head: Head of the bank’s Corporate Banking arm in London
1987 – 1995: Occupied a number of posts in the French senior civil service (Audit department of the Ministry of Finance, Ministry of Economy and Finance, the Budget ministry and in the Cabinet of the Ministry of Treasury and Communication).

Frederic Oudea has been the Chief Executive Officer of Societe Generale Group, since April 2008 and its subsidiary Societe Generale, since May 12, 2008. Mr. Oudéa served as Senior Executive Vice President Societe Generale Group, Deputy Chief Executive Officer until April 2008 and its Group Chief Financial Officer from 2003 to May 2008. Mr. Oudéa served as the Chief Executive Officer of Genfitec. He served as Deputy Chief Financial Officer of Société Générale Group since … 2002.

He served as the Head of Global Supervisory and Development of Equities from 1998 to 2001. He served as Deputy Head of Corporate Banking arm in London, from 1995 to 1997. From 1987 to 1995, Mr. Oudéa occupied a number of posts in the French senior civil service (Audit department of the Ministry of Finance, Ministry of Economy and Finance, the Budget ministry and in the Cabinet of the Ministry of Treasury and Communication). Mr. Oudéa served as Chairman of Genfitec. He has been a Director of Boursorama since November 29, 2002. He serves as a Director of Genebanque, genefinance, salvepar. Mr. Oudéa attended Ecole Polytechnique and Ecole Nationale d’Administration.

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