Societe Generale in big U.S. team hire

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Societe Generale is entering the U.S. commercial-mortgage-backed securities market and has hired a team of more than 10 people from Royal Bank of Scotland for the effort.

Bloomberg News reports that Wayne Potters, who most recently led RBS’s commercial real-estate group, will head the CMBS group for the French bank, according to an e-mailed statement.

Societe Generale said it also hired Adam Ansaldi, who previously oversaw the CMBS distribution and securitization at RBS.

The bank is seeking 'to develop asset-backed product capabilities that will take advantage of a trend towards increased securitization to finance the economy at a time when many banks’ capacity to hold assets on their balance sheets is limited,' according to the statement.

Hit the link below to access the complete Bloomberg News article:

SocGen Enters CMBS Market in U.S. by Hiring Team From RBS

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