Monday May 28, 2018

HSBC appoints insurer AIA's Tucker as chairman

Mar 13, 2017 05:17 AM GMT+0530 | 0 Comment(s)

.HONG KONG, March 13 (Reuters) - Europe's biggest bank HSBC Holdings Plc on Monday said AIA Group Ltd Chief Executive Mark Tucker had been appointed as its chairman, replacing Douglas Flint.

Tucker would take over the responsibility of identifying a successor to HSBC Chief Executive Stuart Gulliver, a process expected to conclude in 2018, the bank said in a statement.

Tucker would take over as group chairman from September 1 and as non-executive group chairman on October 1.

Flint and Gulliver's departure from HSBC after six years will end one of the longest-serving management partnerships at a major global bank.

The pair slashed over 43,000 jobs and sold assets worldwide as they attempted to shrink the bank back to profitability amid a tougher-than-expected environment for global banks.

HSBC, with its more than $1.2 trillion in customer deposits, has suffered more than most lenders from low global interest rates since the 2008 financial crisis that has made investing those deposits profitably difficult.

In a separate statement, AIA said Ng Keng Hooi, its regional chief executive, will succeed Tucker from September 1.


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