SG makes changes to leadership teams, while Banco Santander eases Portugal’s World Cup woes
We kicked off the week with a high-profile appointment: the announcement that Société Générale has appointed Frédéric Despagne as global head of equity flow derivatives & cross-asset solutions sales and head of equity & derivatives sales for Emea.
In his new role, Despagne will lead the bank’s global sales strategy for equity flow derivatives and cross-asset solutions
In his new role, Despagne will lead the bank’s global sales strategy for equity flow derivatives and cross-asset solutions, supporting the continued development of its global markets franchise across the Americas, Europe, the Middle East and Asia.
He will also oversee equity and derivatives sales activities across Europe and the Middle East, with a focus on supporting clients across flow, structured products and prime services.
The French bank has also reshuffled its leadership team within Global Banking and Investor Solutions, with changes spanning its global markets and transaction banking businesses. Hatem Mustapha has been promoted to head of global markets activities at Société Générale following the departure of Francisco Oliveira, who has left the bank to pursue other opportunities. Mustapha, who assumes the role with immediate effect, most recently served as co-head of global markets activities and head of equities & equity derivatives.
Separately, Liane Santenero will join the French Bank as head of global transaction & payment services from 1 October, succeeding David Abitbol, who has been appointed chief operating officer for Asia Pacific.
Swiss non-banking issuer Leonteq has appointed Faisal Sharwani as head of sales Europe, effective 1 September 2026. Based in London, Sharwani will report to Lorenzo Leccesi, head of investment solutions. Sharwani joins Leonteq with more than 20 years of experience in cross-asset derivatives and structured solutions, having held senior leadership positions at several global investment banks, including Bank of America, Citigroup, Deutsche Bank and J.P. Morgan.
On the regulation side of things, Hong Kong's Securities and Futures Commission (SFC) has fined China Industrial Securities International Asset Management (CISIAM) HK$6.8m (US$870,000) for regulatory failures linked to a private fund that invested in structured notes referencing debt issued by a related party. The regulator found that CISIAM failed to properly identify and address multiple red flags, conduct adequate due diligence and exercise independent investment discretion while managing a private fund established for Tahoe Life Insurance between August 2019 and September 2020.
In product news, Shenzhen Ping An Bank was responsible for the top-seller in China during H1 2026. This 24-day structured deposit was linked to the appreciation of the euro relative to the US dollar. The product generated a coupon of 1.78% pa as the EUR/USD closed at or above 97% but below 104.2% of its initial level on 27 May 2026. Had the currency pair closed at or above 104.2% on the final valuation date, it would have returned 1.87% pa while the coupon would have been 1.00% pa if the EUR/USD had closed below 97%.
Banco Invest marketed Cabaz Mundial Jul-26 in Portugal. This 1.5-year structured deposit offers access to a basket comprising four companies that sponsored the 2026 Fifa World Cup: Adidas, Visa, Coca-Cola and Unilever. The performance of each share is capped at 4.60%. At maturity, the product generates a return equal to the basket performance, capped at 4.60% and floored at 1.80%.
Image: Andrey Popov/Adobe Stock
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