Société Générale has appointed Spain and Portugal expert Ignacio Blasco to head its leveraged capital markets team for the EMEA loan syndicate.
Blasco is a veteran investment banker; he has more than 20 years of experience, especially in the Iberian markets – previously heading up the leveraged finance team.
The internal appointment of Blasco comes at a time when French banks, including Société Générale, have come under fire for their exposure to sovereign debt, in particular Spain and Portugal.
Concerns about the two countries come atop the €1.8 billion in Greek debt SocGen holds – on which it has taken a 21% impairment, confirmed Séverin Cabannes, deputy chief executive officer in an interview with Euromoney.
Société Générale’s share price has dropped by more than 50% in the last year, and it’s second quarter 2011 results saw a 31% decrease in net income.
While the bank declined to comment on whether or not this appointment is linked to concerns over its sovereign debt holdings, a source close to the bank confirmed it was simply a new hire.
Blasco has been replaced as head of leveraged finance in Spain and Portugal by Ricardo Garcia Lliberós, who has moved over from his role as director of leveraged finance in Spain.