November 8, 2012 / 10:13 AM / 5 years ago

SocGen to cut French retail costs -Deputy CEO

PARIS, Nov 8 (Reuters) - Societe Generale plans to cut costs at its French branch network over the coming quarters, Deputy Chief Executive Jean-Francois Sammarcelli said on Thursday.

"We clearly aim to cut costs over the coming quarters," Sammarcelli told journalists on a conference call, citing gains from back-office savings.

SocGen Chief Executive Frederic Oudea said the bank's dividend payout ratio for this year would be 25 percent. He said a tax on banks' balance sheets in France would cost SocGen 136 million euros ($173.47 million) for 2013. ($1 = 0.7840 euros) (Reporting by Lionel Laurent; Editing by James Regan)

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