News & Analysis

RBS replaces French leveraged finance chief

The Royal Bank of Scotland has appointed Pascal Werner as managing director and head of leveraged finance France following the departure of Michel Chabanel.

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The Royal Bank of Scotland (RBS) has appointed Pascal Werner as managing director and head of leveraged finance at the bank’s French operations.

Werner replaces Michel Chabanel, who left the bank’s French leveraged finance unit in the summer to join French private equity house Pragma Capital as a senior investment partner.

 

Werner will report directly to Eric Mallaroni, a French national, and Euan Hamilton, heads of leveraged finance, and to Donald Bryden, country head for France at RBS. In his new role Pascal will focus on the development of the Leveraged Finance franchise in France.

 

Pascal joins RBS from Crédit Lyonnais, where he was head of acquisition finance for over five years, including responsibility for the bank’s European operations in Paris, London, Milan, Frankfurt and Madrid. His previous roles also include senior posts at UI, the private equity arm of Crédit Agricole, Crédit Agricole Lazard Financial Products, Unicredit and Banque Paribas.

 

The Royal Bank of Scotland’s French acquisition financing team was set up in 1998. In 2001, the bank expanded its operations to offer financial services to corporates and financial institutions.

 

Royal Bank of Scotland’s most recent transaction in France was Bridgepoint Capital’s acquisition of Medica, the E330m nursing home operator. RBS provided the debt for the deal, in conjunction with ICG. The bank also worked with Credit Suisse First Boston and Lehman Brothers to arrange the debt element of the E5.1bn acquisition of Legrand by KKR, Wendel Investissement, HSBC Private Equity, West LB and GS Capital Partners.

 

Commenting on the appointment, Eric Mallaroni said: “[Werner] is a highly respected figure in the market and brings with him a wealth of significant experience and knowledge of the leveraged finance market, which will be of immense benefit to us as we continue to build on our successes in France.”

 

RBS continues to expand its European leveraged finance team. In August, the firm hired Thomas Wolffe and Mike Potter to its London operations. Meanwhile, Stewart Hewer was appointed as associate director at the firm’s German business in Frankfurt. In total, RBS Leveraged Finance has 80 professionals operating in five European and North American centres in London, Paris, Frankfurt, Madrid, Milan and New York.