Bloomberg News

Societe Generale’s Asia Leveraged Finance Director Leaves Bank

January 03, 2012

Dec. 29 (Bloomberg) -- Societe Generale SA’s Hong Kong- based director of acquisition and leveraged finance for the Asia-Pacific region, Mickael Le Gargasson, has left the bank.

Le Gargasson joined Societe Generale in 2005 as a director in the infrastructure and asset-based finance team and was appointed to the acquisition and leveraged finance team in 2009, according to a statement from the bank at the time. Le Gargasson said he had left in an e-mailed response to questions today.

Societe Generale, France’s second-largest bank by market value, may reduce lending in Asia because of market volatility, four people with direct knowledge of the matter said in October. The bank said in September that it will cut its corporate- and investment-banking balance sheet by scaling down businesses adversely affected by regulation or with low cross-selling potential. It also said that month it plans to free up 4 billion euros ($5.2 billion) in capital through disposals by 2013.

Gregory Taylor, a Hong-Kong-based spokesman for Societe Generale, declined to comment on Le Gargasson’s departure.

Chief executive officer Frederic Oudea told reporters on a Sept. 12 conference call the bank may trim businesses such as aircraft finance, shipping, leveraged finance and commercial real-estate financing in the U.S.

Societe Generale announced a number of new appointments earlier this month, after the departure of Michel Peretie, chief executive officer of corporate and investment banking. Didier Valet, the bank’s chief financial offer, will succeed Peretie. Valet will in turn be succeeded by Bertrand Badre, a former Credit Agricole SA executive.

--Editors: Andrew Monahan, Katrina Nicholas

To contact the reporter on this story: Wendy Mock in Hong Kong at wmock3@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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