HSBC is to relocate the principal office of the Group Chief Executive to Hong Kong. The move is part of positioning the bank for the shift in the world’s centre of economic gravity from West to East. Group Chief Executive, Michael Geoghegan will move to Hong Kong from 1 February 2010.
HSBC to move Group Chief Executive to Hong Kong
Mr. Geoghegan will also become Chairman of The Hongkong and Shanghai Banking Corporation Limited, succeeding Vincent Cheng on 1 February 2010, who will continue to report to the Group Chairman and work to develop the Group’s business in China, he remains a member of the Board of HSBC Holdings plc and continues as Chairman of HSBC Bank (China) Company Limited and of HSBC Taiwan.
“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.”
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 was founded in Hong Kong and Shanghai in 1865 and remains the largest international bank in the region.
Other Changes in Asian Management are:
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 deputize within Asia-Pacific for the Group Chief Executive when the latter is absent from the region.
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.