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SocGen Names Fouad Farah Global Banking and Advisory Chief

A Societe Generale SA bank branch in Paris, France, on Wednesday, Aug. 2, 2023. SocGen reports earnings on August 3. Photographer: Nathan Laine/Bloomberg (Nathan Laine/Bloomberg)

(Bloomberg) -- Societe Generale SA named Fouad Farah head of global banking and advisory, replacing Demetrio Salorio, who is leaving the lender.

Farah, whose appointment is effective immediately, will report to the co-heads of SocGen’s corporate and investment banking unit, Anne-Christine Champion and Alexandre Fleury, the bank said in a statement Thursday. Bloomberg News reported Salorio’s departure earlier Thursday.

SocGen’s global banking unit has been going through several changes since Chief Executive Officer Slawomir Krupa took the reins of the lender last year. As part of his plan to boost fees earned from financing and deal advisory without allocating more capital to the business, he created new units aimed at selling more assets on to investors.

Revenue at the financing and advisory business rose 3% to €879 million ($948 million) in the second quarter, according to an earnings release Thursday.

Salorio, who started his career at SocGen in Madrid in 1991, held various positions in the corporate and investment banking unit before his appointment as head of global banking and advisory last year.

A graduate of Ecole Polytechnique and Ecole des Ponts et Chaussées, Farah joined SocGen as a quant trader in 1999. he worked in multiple roles across SocGen’s trading teams before becoming head of the bank’s markets unit in the Americas last year.

(Updates with details from bank’s statement starting in first paragraph.)

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