Mr Bouton, 'appearing weary but defiant', according to the Financial Times, said: 'The bank is not a takeover target per se.'

Societe Generale has revealed a huge loss of 4.9 billion euros (S$10 billion), alleging that this arose from unauthorised activities by a rogue trader.

And it has reported losing another 2.6 billion euros from its exposure to the US subprime crisis.

Mr Bouton's comments to the Financial Times came as the bank announced the launch of a 5.5-billion-euro capital increase aimed at plugging the hole in its finances.

The share sale is also seen as a test of investor confidence in the bank, which has been the target of intense takeover speculation, particularly since the trading loss was revealed.

The paper quotes a Societe Generale executive as saying Mr Bouton 'is living in hell' in the aftermath of the scandal.

The bank has blamed the trading loss on 31-year-old Jerome Kerviel, a Societe General trader currently jailed and under investigation on charges of breach of trust, fabricating documents and illegally accessing computers. But he has not been formally accused of fraud.

'It is all unbelievable,' Mr Bouton told the Financial Times. 'The whole thing is unbelievable.'

He said he had declined to meet Kerviel, asking his interviewers: 'Do you consider it the role of the executive to meet any fraudster that is discovered in the company?'

He acknowledged that Kerviel had become a cult hero in France, where he has gained a degree of sympathy as he prepares his defence.

'Sympathy is always on the side of Robin Hood,' Mr Bouton said.

Elsewhere in the interview, he ruled out the possibility of seeking help from state-backed funds in the the Middle East or Asia, as other troubled banks have done.

'The idea of paving the way for any specific investor is not the way we think.'

He also defended the bank's policy of limiting shareholders to 15 per cent of the voting rights until they acquire more than 50 per cent of the capital.

The system, he said, prevented a bidder from gaining gradual control of the bank at a discount.

'You have to pay the full, full price (to take control) - this is what it means.' -- AFP