Societe Generale to sell aircraft, shipping loan units: Report

PARIS: French bank Societe Generale is looking to sell its aircraft and ship financing activities and stop funding leveraged buyouts in the US and Asia as it seeks to reduce its dollar-funding needs, a newspaper reported on Thursday.

The newspaper, citing persons familiar with the matter, said the bank is inviting bids from Asian investors for its aircraft and marine loan portfolios, worth several billions of dollars, as potential U.S. and European buyers showed little interest.

Last month, sources told Reuters Societe Generale was selling property loans worth more than 600 million euros ($807.69 million) to slash its exposure to the volatile sector and withstand the euro debt crisis.

SocGen officials could not immediately be reached for comment.