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SG builds in Chinese commodities

French investment bank Société Générale has promoted Stéphanie Clément de Givry to a new role as managing director and head of its commodities finance team in China.

De Givry, who spent the last six years in Paris, has moved to Shanghai to head the team and reports to Pierre Palmieri, head of structured commodity and mining finance.

Previously De Givry spent six years as a director in the metals and minerals structured commodity finance team, covering the Commonwealth of Independent States, Sub-Saharan Africa and Asia. Prior to that, she worked on commodities financing in Mexico.

Société Générale said that the move represented a significant step in the development of their Asian business, which Singapore and Hong Kong focused on commodities trading companies.

It added that it was part of a plan by the bank to "expand aggressively" in derivatives and structured finance products in the Asian region.

At the end of last year, a Citigroup-led consortium bid $2.93bn (€2.29bn) to take an 85% stake in the China's Guangdong Development Bank. That was slightly more than a bid of $2.86bn from a consortium including Société Générale, also for an 85% stake.

The French bank today revised its offer, in light of new restrictions on foreign investment in Chinese domestic companies, which the Chinese government introduced last month.

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