Societe Generale banker dies in motorway crash

The head of Société Générale's (SocGen) corporate and investment banking division died in a car crash yesterday afternoon on a motorway south of Paris.

Mr Xavier Debonneuil, one of the most respected bankers in France, had been with the bank for 17 years.

His daughter Anne also died in the accident on the A71 near Romorantin. His wife, Michele, a top economist at the French government's planning department, was in a critical condition. A grandson survived the crash.

Mr Daniel Bouton, chairman of SocGen, and Philippe Citerne, chief executive, jointly expressed their sadness. Mr Debonneuil was a member of the bank's nine-strong executive committee.

He was a key player in the French bank's assessment of its options in the current reorganisation of the domestic banking landscape. Crédit Agricole this month bid for Crédit Lyonnais, leaving SocGen once again a possible target of BNP.

Mr Debonneuil, like the rest of the bank's top management, was seen as opposed to any deal with BNP. "He was trying to think of all of the pros and cons. He would recommend a solution even if it was not good for his own career and his advice was much appreciated by the chairman," said Mr Jacques Bouhet, chief executive of SocGen in the US and deputy chief executive of Mr Debonneuil's division.

A graduate of the École Polytechnique and of Colorado State University, he joined SocGen in 1985 after a stint at the Banque de France, where he was head of the econometric and research department and an adviser to the governor. He became head of the forex and interest rates group in 1990 and took charge of the investment banking division in 1999.

"He was one of those people who had no enemies, which is rare in a big bank like ours," said Mr Bouhet. "He had exceptional human qualities, was very attentive to others and was somebody who had no ego."

Mr Debonneuil had last week completed the re-organisation of the investment banking division after profits fell 43 per cent in 2001. This resulted in the loss of roughly one-quarter of the 2000 positions within the organisation, according to Mr Bouhet. - (Financial Times Service)