Societe Generale SA (GLE) will name Luis Vaz-Pinto head of global equity capital markets, as France’s second-biggest lender prepares to shuffle its investment-banking arm, said three people with knowledge of the plan.
Vaz-Pinto, currently global head of equity syndication, will run the French bank’s equity capital markets team under its new corporate finance unit, which will also include mergers and acquisitions, said the people, who declined to be identified because the plans are private.
Thierry d’Argent, Societe Generale’s current head of mergers and acquisitions, will oversee the new corporate finance unit, the people said. Hubert Preschez, now head of French mergers and acquisition, will also assume responsibility for French equity capital markets as head of the French corporate finance unit, they said.
These changes come as part of a broader reorganization of Societe Generale’s investment bank, the people said. It’s also setting up a new unit to advise and fund other financial institutions, which will be led by Pierre-Yves Bonnet, currently global head of strategic and acquisition finance at the bank, the people said. Both Bonnet and d’Argent will report to Thierry Aulagnon, head of the lender’s coverage and investment banking division.
Laurent Morel, head of global ECM at the bank, will leave his current position while remaining at Societe Generale in another role, the people said.
Societe Generale is reshuffling its corporate and investment banking division after it posted the first loss in two years and the French lender’s fourth-quarter profit fell 89 percent. That unit had a 482 million-euro ($642 million) loss last quarter as Europe’s sovereign-debt crisis curbed client trading and Societe Generale sold and wrote down troubled assets.
The bank’s net income in the three months ended in December declined to 100 million euros from 874 million euros a year earlier, the bank said on Feb. 16.
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