Frédéric Oudéa, who was made deputy chief executive of Société Générale in March as a reward for his role in leading the French bank’s successful capital increase has been named as chief executive, replacing Daniel Bouton who will stay on as chairman.

The completion of a $8.5bn (€5.4bn) rights issue, which attracted orders for nearly twice the number of shares on offer, was vital to Société Générale’s new business plan following the revelation in January of a €4.9bn loss from unauthorized trades by trader Jérôme Kerviel.