According to media reports, the company has already informed its staff in the securitization unit that it is stopping operations in Australia. The 17 members of the securitization team have been asked to concentrate on other areas such as trading, leverage and acquisition finance, and project finance including oil and gas activities.
According to Reuters, a company spokesperson, said: It’s a global decision following the US sub-prime mortgage crisis, but Societe Generale as a whole is not pulling out of the securitization market.
