France's Noyer backs SocGen despite €5bn fraud

Christian Noyer, the governor of the Banque de France, said on Thursday that he was "not at all worried" about Societe Generale, the second biggest French bank, despite it falling victim to the biggest fraud in banking history.

In a hastily-arranged press conference on Thursday afternoon, following the revelation early in the day that a trader had lost the bank €4.8 billion ($7 billion), Noyer said there was no doubt that the bank was solid and that it "could surmount this challenge."

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