Reuters reported that Societe Generale will reduce aircraft financing “very significantly” and confine itself to a mainly intermediary role. Reuters said the banks chief executive officer told journalist in a conference call, “We are going to reduce very significantly our aerospace financing…We will probably still continue to offer consultancy services and credit but with the aim of turning more towards financing from the bond markets.”

The news comes after France’s second largest bank reported third-quarter profit fell 31% primarily as a result of a E333 million pre-tax writedown in the quarter on its Greek sovereign bond holdings. The bank said in a news release that it won’t pay a dividend in 2011.