(Corrected to correct job title)
PARIS (Reuters) – Societe Generale announced on Thursday the appointment of Fouad Farah as head of its global banking and advisory division, effective August 1, 2024, replacing Demetrio Salorio.
“In his new role, Fouad Farah will oversee the strategic direction of the Global Banking and Advisory business and its ongoing transformation, further developing the Bank’s core franchises and strengthening client relationships,” the French bank said in a statement.
Fouad Farah has more than 25 years of experience in the banking sector within the “corporate banking and investor solutions” division and was until now director of market activities for the Americas, the group specifies.
The third largest French bank by market capitalization reported second-quarter results on Thursday, marked by the poor performance of its retail bank in France and the lowering of the annual net interest margin target for this division, leading to a sharp decline in its shares on the Paris Stock Exchange.
(Written by Elena Smirnova, edited by Augustin Turpin)
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