French Company Forms U.S. MBS Group

SG Corporate and Investment Banking, a subsidiary of French Bank Societe Generale, has created a U.S. mortgage-backed securities group and hired U.S. industry veterans to launch the business."The new initiative allows SG CIB to develop U.S. RMBS capital market capabilities to complement its existing RMBS businesses in Europe and Australia," the company said. "The move also enhances SG CIB's global structuring and distribution capacity to help issuers tap the U.S. or European markets." The following MBS professionals have joined the new unit as directors: David Chang, who previously traded seasoned and distressed mortgage credits at Deutsche Bank; Abner Figueroa, who worked for Eurohypo AG; Carole Mortensen, who worked for UBS; Rob Pak, who was part of SG CIB's collateralized debt obligation group; and Graham Henley, who was responsible for the residential mortgage warehouse program at Garban-Intercapital. Yuan Zhou, who previously worked for C-BASS, has also joined the SG CIB unit and has been named a vice president.