European defense contractor considers launching its own bank

By Agence France-Presse
Saturday, July 14, 2012 12:37 EDT
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The European Aeronautic Defence and Space Company (EADS) is considering launching its own bank to better manage its accounts, the new chief of subsidiary Airbus said in an interview.

“Our parent company EADS is currently studying the possible advantages of founding our own bank,” Fabrice Bregier told the Sunday edition of German newspaper Die Welt.

“EADS, with some 10 billion euros ($12 billion), has strong accounts and does everything to keep its liquid assets protected. Holding a banking licence would perhaps give us more options.”

A banking licence would enable the multinational aerospace and defence group to deposit cash directly into the European Central Bank, without using traditional banks that are exposed to the eurozone debt crisis.

Bregier, who became Airbus chief executive after predecessor Tom Enders took over as head of the EADS group in May, also said Airbus does not have an emergency plan in case of a eurozone implosion because it would be impossible to predict the effects.

“We’ve obviously spoken with banks and a series of advisors. But even they don’t know what would happen, in concrete terms,” he said.

“The only thing everyone agrees on is to say that it would be painful all around.”

Agence France-Presse
Agence France-Presse
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