Mumbai: HSBC Holdings appointed insider Pam Kaur as its first female finance chief on Tuesday, replacing Georges Elhedery, who became CEO earlier this year, Reuters reported.
The bank also announced a reorganization that will streamline its operations into four business units, according to the report.
Effective January 1, 2025, HSBC will restructure its operations into four distinct lines of business: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking, according to a separate filing by the company.
As part of the reorganization, HSBC is merging its Commercial Banking operations (excluding the UK and Hong Kong) with its Global Banking and Markets division.
The new Corporate and Institutional Banking unit will also include the predominantly wholesale banking activities in the Western Markets region (UK non-ring-fenced bank, Europe, and the Americas), the company said.
"The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged," Elhedery said in a statement.
Kaur’s appointment aligns with HSBC's focus on continuity as the bank transitions from restructuring to growth, amid rising geopolitical risks and the end of interest rate hikes.
Kaur, 60, who has been Chief Risk and Compliance Officer, joined HSBC in April 2013 as group head of internal audit.
She has held senior roles at global banks such as Citigroup, where she was global director of compliance for consumer banking, and Deutsche Bank, where she was global head of group audit.
Jon Bingham, interim Group CFO, will return to his previous role as Global Financial Controller, HSBC said.
"We had a strong bench of internal and external candidates to choose from and Pam was the exceptional candidate to recommend to the Board," Elhedery added.
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