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SocGen names company veteran Farah as new global banking head

Reuters
·1 min read
Logo of Societe Generale outside a bank building in Paris

PARIS (Reuters) -Societe Generale on Thursday named company veteran Fouad Farah as head of global banking and advisory to replace Demetrio Salorio, who is leaving the French bank to pursue other opportunities.

Farah has over 25 years of banking experience within Societe Generale’s Global Banking and Investor Solutions (GBIS) division. He was most recently Head of Global Markets, Americas.

"In his new role, Fouad Farah will oversee the strategic direction of the global banking and advisory business unit and its ongoing transformation, further growing the bank's leading franchises and strengthening its client relationships," France's third-biggest listed bank by market value said in a statement.

Earlier on Thursday, Societe Generale cut a key target for its French retail division, overshadowing a quarterly earnings beat and sending the bank's shares tumbling.

(Reporting by Dominique Vidalon: Editing by Benoit Van Overstraeten and Mark Potter)