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.
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