By Helene Durand
LONDON, May 21 (IFR) - HSBC has carved out its public sectorbanking franchise out of FIG as it seeks to capitalise on futurepotential growth of the sector.
HSBC overhauled its global banking and markets (GBM)business in the summer of last year, creating a new division tospan all client coverage in a bid to re-energise its investmentbanking presence. Public sector, which is run by Allegra Berman,was part of that effort, but within the FIG business.
Berman, who joined the bank as global head of public sectorbanking last summer and was reporting to Brian Heyworth, globalhead of FIG, will now report to Robin Phillips, global head ofbanking.
"This decision emphasises the critical strategic importanceof this client base to GBM and the growth potential we haveidentified," Phillips said in an internal memo. (Reporting by Helene Durand, Editing by Julian Baker)
HSBC Holdings (HSBA)