HSBC appoints new chief of private banking division

26th November 2010, Comments 0 comments

Global banking giant HSBC said Friday it had appointed Paul Thurston, head of UK operations, as the new boss of its private banking division.

"HSBC Holdings plc has announced today that Paul Thurston will be appointed chief executive, retail banking and wealth management, with effect from 1 March 2011," the group said in an official statement.

Thurston will be based in Hong Kong and report to Stuart Gulliver, the group's incoming chief executive.

"In this new role ... Paul will have responsibility for directing all aspects of HSBC's retail banking business globally, including the personal financial services and insurance businesses, and the group's marketing activities," added the statement.

Gulliver, who replaces current chief executive Michael Geoghegan at the start of 2011, said that he was seeking to sharpen the group's focus on retail banking with the appointment.

"I am delighted to announce these management changes which see some of HSBC's most talented and internationally experienced executives take on significant new responsibilities," Gulliver said in the statement.

"After the financial crisis, I believe customers are thinking more carefully about who they trust with their wealth and savings and configuring HSBC to realise its full potential in retail banking was always going to be my first priority."

"With the massive wealth creation we see in emerging markets today, the logic for HSBC to build a world-class global wealth business for our customers is absolutely compelling."

© 2010 AFP

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