EADS Plans Bank to Escape Eurozone Headwinds

12:00 AM, July 16, 2012
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Defense group EADS is considering setting up a bank for its cash reserve of about $12.2 billion as protection against the euro-area debt crisis. Airbus Chief Executive Fabrice Bregier said, “Our parent company EADS is currently studying the possible advantages of founding our own bank". A banking license would allow the aerospace giant to deposit cash directly into the European Central Bank, without relying traditional banks that are exposed to the Eurozone debt crisis. Bregier said that Airbus does not have an emergency plan in case of a Eurozone fallout 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.

EADS Plans Bank to Escape Eurozone Headwinds

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