Michel Péretié, the head of Bear Stearns' international business since 2000, is joining Société Générale to work directly alongside the head of its investment bank, Jean-Pierre Mustier, with a view to replacing him over time.

Mustier will take up what the bank described as a "new function" within SG Corporate & Investment Banking following Péretié's arrival, which is expected to take place by the end of next month.