TOP NEWS: HSBC promotes Pam Kaur to CFO as announces restructuring

(Alliance News) - HSBC Holdings PLC on Tuesday announced that starting next year, it will simplify its organisational structure, as it promoted its chief risk officer to the role of chief financial officer.

The London-based bank said it promoted Chief Risk & Compliance Officer Pam Kaur to CFO from January 1, with HSBC updating on a successor for her current role in due course.

Kaur has almost 40 years of experience, having worked in the UK and the US for British, American and German banks.

"Pam has strong technical knowledge and experience in treasury, capital, balance sheet and risk management. She has served on the group executive committee for over a decade and brings a global perspective and an appreciation of the strategic challenges and opportunities, locally and globally, facing the banking industry in general and HSBC in particular," HSBC said.

Interim CFO Jon Bingham will resume his role as global financial controller. Former HSBC CFO Georges Elhedery became chief executive officer earlier this year.

Further, the company said from January 1 it will simplify its organisational structure into four businesses: Hong Kong, UK, Corporate & Institutional Banking, and International Wealth & Premier Banking.

Hong Kong will include personal banking and commercial banking services. The UK arm will house its ring-fenced domestic bank.

The restructuring aims at reducing the duplication of processes and decision making built into the current structure.

HSBC added: "We are creating a new Corporate & Institutional Banking business through the integration of our Commercial Banking business (outside the UK and Hong Kong) with our Global Banking and Markets business and with the geographic region of the Western Markets (comprising our UK non ring-fenced bank, Europe, and the Americas), which is a predominantly wholesale banking region.

"Our new International Wealth and Premier Banking business will bring together our Premier banking focussed businesses outside of Hong Kong and the UK, our Global Private Bank, and our wealth manufacturing businesses, Asset Management & Insurance."

Chief Executive Officer Georges Elhedery said: "I am excited about the opportunities ahead of us and firmly believe that this structure sets us up to deliver the next phase of growth. Our home markets of the UK and Hong Kong, together with our corporate and institutional banking as well as our wealth and Premier banking businesses, are the core strengths of HSBC."

He added: "By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow. This is how we will fast forward our plans to execute our strategy, unleash the full potential of the bank and ensure our talented colleagues can thrive, and deliver best in class products and service excellence, for our customers. When our customers succeed, so do we."

HSBC shares were 0.3% lower at HKD68.30 each on Tuesday in Hong Kong. In London, shares had closed 0.9% lower at 674.60 pence each on Monday.

By Tom Budszus, Alliance News slot editor

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