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The new structure, which will be called HSBC Global Private
Banking, EMEA, will be led by Chris Allen, who has been
appointed regional head of global private banking.
"This will create a regional private banking business that is
more integrated, strategically aligned and well positioned to
deliver continued growth for HSBC Private Banking," the bank
said in a statement.
The move comes ahead of HSBC's annual shareholder meeting on
Friday - the first under new Chairman Mark Tucker, who joined
last October, and Chief Executive John Flint, who joined in
February.
Tucker, who has already spearheaded an initiative to streamline
the bank's board, and Flint gave their first hints of what
strategy they would pursue at an analyst presentation earlier
this month, outlining a plan to cut internal bureaucracy and
expand investment in China.
Allen's current role as CEO of HSBC's private bank in the UK
will be taken by Charles Boulton, who has held a number of
senior roles in the bank, HSBC said.
Meanwhile, Franco Morra, CEO of HSBC's private bank in
Switzerland, will leave the bank with a permanent replacement to
be decided in the coming months. Christophe Guillemot, CFO of
global private banking, will take up the position on an interim
basis.
HSBC's global private banking business accounted for just over 3
percent of the bank's adjusted global revenues in 2017,
according to HSBC's annual report for that year.
(Reporting by Emma Rumney. Editing by Jane Merriman)
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