20th Jun 2007 09:15
HSBC Holdings PLC20 June 2007 EMERGING MARKETS SPECIALIST BECOMES CEO FOR HSBC IN ASIA Sandy Flockhart is to become Chief Executive Officer of The Hongkong andShanghai Banking Corporation Limited in Asia, subject to regulatory and otherapprovals. Sandy who, as a Group Managing Director, is a member of the Group ManagementBoard, arrives in Hong Kong in July 2007. He is currently President and GroupManaging Director for HSBC in Latin America and the Caribbean. From a base of 10offices just 10 years ago, HSBC today operates some 4,000 offices in 14countries in Latin America, contributing US$1.7 billion to the Group's globalpre-tax profits last year. As Chief Executive from 2002 to 2006, he built abillion-dollar business for HSBC in Mexico after the acquisition of GrupoFinanciero Bital in 2002. He has also run HSBC's business in Thailand and worked for 12 years in HongKong, where two of his four children were born. He was also previously ManagingDirector of HSBC's operations in Saudi Arabia, and ran Corporate, Commercial andRetail Banking for HSBC in the US. Commenting on the appointment, Michael Geoghegan, HSBC Group Chief Executive,said: "We are delighted to make Sandy Chief Executive for our Asian operations.Emerging markets will continue to drive world economic growth and we see Asia asa key region with tremendous potential. It is home to some of the world's mostdynamic economies and HSBC's unique emerging markets franchise, in Asia andaround the world, presents significant growth opportunities for us. "Sandy has a great track record in building businesses in emerging markets andconsiderable experience of our operations in Asia. It makes him the ideal personto join up our operations in the region for the benefit of our customers, ourpeople and our shareholders. "He joins a talented local management team led by Vincent Cheng, Chairman of TheHongkong and Shanghai Banking Corporation Limited and also Group ManagingDirector. Going forward, it also means that Asia will now be represented atGroup level by two Managing Directors on our Group Management Board." Vincent Cheng added: "I have known Sandy for many years and am excited that wewill be working together. It is a great testament to the depth of talent at HSBCthat we are able to consistently provide a seamless succession of managementaround the world. And it's very fitting that the former head of our PFS businessin Asia, Paul Thurston, recently transferred to HSBC Mexico as CEO of thebusiness Sandy himself ran until last year." Speaking about his appointment, Sandy Flockhart said: "It's a privilege to beasked to run the number one international bank in the region, in HSBC'sspiritual home, Asia. We have a thriving business in Hong Kong and a wonderfulgrowth story across Asia Pacific. I am looking forward to this new challengeenormously and I leave Latin America in the hands of enormously experienced andtalented executives who I know will continue to grow the great franchise we havebuilt there." Notes to editors: 1. Photograph and biographyPhotographs and a brief biography for Sandy Flockhart are available from Patrick McGuinness/Karen Ng on +44 (0)20 7991 0111/0655. 2. HSBC Holdings plcThe Hongkong and Shanghai Banking Corporation Limited is a principal member ofthe HSBC Group which, with around 10,000 offices in 82 countries and territoriesand assets of US$1,861 billion at 31 December 2006, is one of the world'slargest banking and financial services organisations. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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