French banks SG CIB and BNP Paribas may only have a small and mostly niche presence in north America, but of late they have been pushing into a highly competitive wholesale area – the US mortgage market.
On May 11, SG announced it was setting up a new US residential mortgage-backed business, hiring directors David Chang from Deutsche Bank, Abner Figueroa from Eurohypo, Carole Mortensen from UBS and Rob Pak from Bank One, and an analyst, Yuan Zhou, from C-Bass. Graham Henley, who joined SG from Garban-Intercapital at the end of last year, will also be part of the new US team.
SG says the move will complement its existing RMBS operations in Europe and Australia and add...
