"To once again state the obvious, French banks are solid," he added. (Reporting by Sudip Kar-Gupta and Leigh Thomas; Editing by Jamie Freed)
PARIS, March 20 (Reuters) - Bank of France head Francois
Villeroy de Galhau told Le Monde newspaper in an interview
published on Monday that he welcomed Switzerland's move for UBS to buy Credit Suisse , and that French banks
were stable and profitable.
"Regarding Credit Suisse, this is a bank which for several
years now had problems regarding its business model and
profitability, as well as insufficient internal controls. The
Swiss authorities were well mobilised this weekend to tie it up
to UBS, which is a welcome solution," Villeroy told Le Monde.
"The French banking industry is concentrated around six big
banks which all have solid and profitable business models,
strong control on their risks, and a high degree of regulatory
compliance," said Villeroy, who is also a member of the European
Central Bank (ECB).
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