SG, the corporate and investment banking arm of Société Générale, has promoted Bill Schmid to global head of project finance to replace Jacob Worenklein who left to set up his own energy company.

Worenklein has worked at SG for six and a half years, more than four of those as global head of project and sectorial finance. A source at the French bank confirmed that he is leaving to "pursue an entrepreneurial initiative in the energy sector".