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SocGen toxic assets down 600 million euro since June

A logo is seen is seen in front of French bank Societe Generale headquarters in La Defense near Paris, February 13, 2013. REUTERS/Christian
A logo is seen is seen in front of French bank Societe Generale headquarters in La Defense near Paris, February 13, 2013. REUTERS/Christian

PARIS (Reuters) - French bank Societe Generale has cut its toxic-asset portfolio by an estimated 600 million euros ($810 million) since June, according to a presentation posted on the lender's website on Wednesday.

The slides of the presentation - due to be delivered by SocGen Chief Executive Frederic Oudea in London at 1030 GMT - said that non-investment grade assets left over from the 2008 financial crisis had fallen to 1.2 billion euros in September from 1.8 billion in June.

The presentation also said that the bank had already raised its long-term funding needs for 2013, with 21.4 billion euros raised from primarily unsecured issuance and private placements.

(Reporting by Lionel Laurent; Editing by James Regan)

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