Further to its confirmation that Chris Allen now heads its EMEA region, HSBC has announced details of a restructuring of its European private banking operations.
This involves the consolidation of its private banking units in the UK, Channel Islands, France, Germany, Switzerland and Luxembourg into a single regional structure called HSBC Global Private Banking, EMEA, which Mr Allen will oversee from London.
“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,” said HSBC in a statement. “Our strategy of serving the personal wealth needs of the owners and principals of HSBC’s corporate clients remains unchanged.”
Following the promotion of Mr Allen, Charles Boulton becomes chief executive HSBC Private Bank, UK, subject to regulatory approval.
Mr Boulton joined HSBC twelve years ago and has occupied a number of senior positions including that of UK market head.
Franco Morra, the current chief executive of HSBC Private Bank (Suisse) SA will leave the bank on 27 April 2018.
Since becoming chief executive of the Swiss private bank, Mr Morra has reduced its market footprint from over 150 countries to around 20 significant markets and successfully shifted the focus to wealthier clients.
Christophe Guillemot will oversee HSBC’s Swiss on an interim basis from 28 April 2018, concurrent with his existing responsibilities as chief financial officer, global private banking.