HSBC has doubled down on its shift to Asia, sending yet another of its top executives from London to Hong Kong.
Nicolas Moreau, the bank’s head of asset management, will now join three other bosses in the former British territory later this year.
HSBC, which was founded in Hong Kong by Scotsman Thomas Sutherland in 1865, has been ramping up its business in Asia as it cuts back its less profitable divisions in Europe and the US.
HSBC, which was founded in Hong Kong by Scotsman Thomas Sutherland in 1865, has been ramping up its business in Asia as it cuts back its less profitable divisions in Europe and the US
Earlier this year it was reported that Greg Guyett, co-head of global banking and markets, Nuno Matos, chief executive of wealth and personal banking, and Barry O’Byrne, chief executive of global commercial banking, would move to the lender’s historic home.
But in an internal email, chief executive Noel Quinn confirmed Moreau would be joining them.
HSBC makes the vast majority of its profits in Asia, but now almost all of the bank’s global revenue will be run out of Hong Kong.
In the email, Quinn said the moves ‘underscore the importance of the Asia-Pacific region’. He added: ‘An important part of our global strategy is to base more of our leadership in Asia.’
Quinn was careful to give a nod to Britain, saying: ‘We remain fully committed to the UK, both in terms of our domicile and our significant businesses and client base in the country.’
The shift may raise questions about how much power remains in London. For British politicians, who have slammed HSBC for failing to stand up for Hong Kongers in the face of increased Chinese ‘bullying’, the departures may be seen as another step to sever ties with the UK.
Earlier this year, MPs on the Foreign Affairs Committee accused HSBC of ‘aiding and abetting one of the biggest crackdowns on democracy in the world’.
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