Societe Generale said on Friday that Bear Stearns executive Michel Peretie will become the French bank's Corporate & Investment banking unit in the third quarter of this year.

Peretie will work together with the current chief of that division, Jean-Pierre Mustier, until that time, the bank said. Mustier will remain with the company with new duties which are still to be announced.

I am delighted that Michel Peretie is joining Societe Generale Corporate & Investment Banking to continue the development of this core business and enable Jean-Pierre Mustier to take on new responsibilities within the Group, said Frederic Oudea, chief executive of the bank.

Thanks to his expertise in corporate and investment banking, his international experience and personal qualities, Michel Peretie has all the skills to pursue the development of Societe Generale Corporate & Investment Banking, he added.

Mustier headed the division of the bank that reported a loss of 4.9 billion euros earlier this year due to alleged fraud from junior level trader Jerome Kerviel.

Peretie was appointed Chairman of Bear Stearns International and became CEO of Bear Stearns for Europe and Asia in 2006. He became a member a board member of bear Stearns & Co in January of 2007.

He first joined the Bear in 2000 after a time at BNP-Paribas as the head of fixed income and derivatives for Europe and Asia .

Peretie began his career at Bankque Paribas in 1980 where he developed its derivatives group, later becoming the head of equity derivatives.

Investment BNP Paribas