Report: Shell Pulls Cash Out Of Europe to Cut Risk
by Dow Jones Newswires
|Monday, August 06, 2012
LONDON - Anglo-Dutch oil major Royal Dutch Shell PLC plans to move some of its cash pile out of European banks due to the eurozone debt crisis, The Times newspaper reported Monday, citing the group's chief financial officer.
CFO Simon Henry told the newspaper that Shell was considering putting some of its $15 billion in cash into U.S. government bonds and banks.
"There's been a shift in our willingness to take credit risk in Europe," Henry said.
However, Shell won't move all of its funds out of Europe since it's required to still keep some money in Europe to fund its operations, the newspaper said.
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