Regulatory News:
HSBC, the world’s leading international and emerging markets
bank, is to relocate the principal office of the Group Chief
Executive to Hong Kong, in line with its stated strategy to focus
on emerging markets and the unique international connectivity that
HSBC’s global network offers its 100 million-plus customers around
the world. The move further positions the Group for the shift in
the world’s centre of economic gravity from West to East, while
HSBC’s continued strong presence in major developed markets
reflects the increasingly interconnected nature of the global
economy and the profile of the Group’s customers.
The Group was founded in Hong Kong and Shanghai in 1865 and
remains the largest international bank in the region. Operating
from Hong Kong, the hub for HSBC’s Asia-Pacific business, the Group
Chief Executive, Michael Geoghegan, will be located in the Group’s
strategically most important region, with a focus on ensuring its
growth potential is fully realised. The Group Chief Executive will
also assume responsibility for developing Group strategy in
agreement with the Group Chairman and for recommendation to the
Board. As chair of HSBC’s executive management team, the Group
Management Board, he will continue to drive company performance
within Board agreed strategic goals and commercial objectives.
HSBC Holdings plc, the Group holding company, remains domiciled
in the UK and has no plans to move. It will continue to be resident
in the UK for tax purposes. The Group Chairman and two Executive
Directors, Douglas Flint and Stuart Gulliver, will continue to be
based in London. The UK Financial Services Authority remains the
lead regulator of the Group. The Group Chief Executive, who will
move to Hong Kong from 1 February 2010, will also maintain an
office and a regular presence in London.
“The additional management presence in Hong Kong and focus on
our faster-growing markets is absolutely right for HSBC and
entirely consistent with the strategy we set out in 2006,” said
Stephen Green, Group Chairman.
“There is absolutely no question of HSBC pulling away from
London. We will operate from two equally strategically important
centres for the company. Based in London, where we are domiciled
and regulated, I will oversee the stewardship of our business and
our globally strategic relationships with governments, regulators
and with our owners. Based in Hong Kong, Mike will drive the
continued development of our business and oversee the executive
management team.”
“Operating from Hong Kong, I will be on the ground in our
largest and most important region,” said Michael Geoghegan, Group
Chief Executive. “What sets HSBC apart is our leadership across the
world’s faster-growing markets and our ability to connect them to
customers in developed markets. The move we are announcing today
mirrors the shape of our business, as well as reflecting our deep
roots in Asia and Hong Kong. It is no accident that we market
ourselves globally as ‘the world’s local bank’, that is precisely
what HSBC is. The reality is that a company of our size, operating
in 86 countries and territories worldwide, has several homes and
London, where I will retain an office and a regular presence, very
much remains among the most important of these.”
The Group Chief Executive will also become Chairman of The
Hongkong and Shanghai Banking Corporation Limited, succeeding
Vincent Cheng on 1 February 2010. Vincent, who has chaired HSBC’s
highly successful Asia business with distinction since 2005, will
continue to report to the Group Chairman and work to develop the
Group’s business in China, building on its international bank
leadership there and continuing to oversee the important
initiatives HSBC has in hand there. Vincent remains a member of the
Board of HSBC Holdings plc and continues as Chairman of HSBC Bank
(China) Company Limited and of HSBC Taiwan.
Commenting on his new responsibilities, Vincent Cheng said: “I
very much look forward to helping develop the exciting
opportunities we see in China, HSBC’s single most strategically
important market. We will continue to reinforce our position as the
leading international bank in China. I am delighted to continue my
long association with HSBC as a main Board member and Chairman of
HSBC China. It has been a pleasure and a privilege to serve for
more than four years as the Chairman of the Asia business, for
which I thank my many talented colleagues.”
In support of these changes and the relocation of the principal
office of the Group Chief Executive, the Group will also make a
number of senior executive management changes, with effect from 1
February 2010, as follows:
Sandy Flockhart, Executive Director, will be appointed Chairman
Personal and Commercial Banking, reporting to the Group Chief
Executive and based in Hong Kong. Sandy will have responsibility
for: Personal Financial Services and Commercial Banking business
globally; HSBC’s Latin American and African businesses; the Group’s
technology, services and operations; and most Group functions,
including Human Resources, Marketing and Legal. He will deputise
within Asia-Pacific for the Group Chief Executive when the latter
is absent from the region.
Stuart Gulliver, Executive Director, will be appointed Chairman
Europe and the Middle East, reporting to the Group Chief Executive
and based in London. In this capacity he will assume overall
responsibility for all HSBC’s businesses across Europe and the
Middle East. Stuart will continue to manage Global Banking and
Markets and Asset Management and also take responsibility for
Global Private Banking and Insurance. Stuart will become Chairman
of HSBC Bank plc and of HSBC Bank Middle East.
Douglas Flint, Executive Director, will assume responsibility
for Compliance in addition to his existing remit for Credit and
Risk, and Finance. His title will change to Chief Financial
Officer, Executive Director Risk and Regulation, and he will report
to the Group Chief Executive and be based in London.
Peter Wong will be appointed Chief Executive of The Hongkong and
Shanghai Banking Corporation Limited, succeeding Sandy Flockhart
and reporting to Michael Geoghegan. Peter becomes a Group Managing
Director and a member of the Group Management Board.
Brendan McDonagh, Group Managing Director and Chief Executive of
HSBC North America Holdings, will continue to report to the Group
Chief Executive.
Appointments are subject to appropriate regulatory and other
approvals.
Notes to editors:
1. Biographies
Brief biographies for Vincent Cheng, Douglas Flint, Sandy
Flockhart, Michael Geoghegan, Stephen Green, Stuart Gulliver,
Brendan McDonagh and Peter Wong are available from the media
contacts listed above.
2. HSBC Holdings plc
This announcement is issued by HSBC Holdings plc. HSBC Holdings
plc, the parent company of the HSBC Group, is headquartered in
London. ‘HSBC’ means the HSBC Group unless the context otherwise
requires. The Group serves customers worldwide from around 8,500
offices in 86 countries and territories in Europe, the Asia-Pacific
region, the Americas, the Middle East and Africa. With assets of
US$2,422 billion at 30 June 2009, HSBC is one of the world’s
largest banking and financial services organisations. HSBC is
marketed worldwide as ‘the world’s local bank’.
This news release is issued by HSBC Holdings plc
Registered Office and Group Head Office: 8 Canada Square, London
E14 5HQ, United Kingdom
Web: www.hsbc.com
Incorporated in England with limited liability. Registered
number 617987.We only advise on our own life assurance, pensions
and unit trusts
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