HSBC Holdings Plc. Has reported to hand over deputy chief executive officer’s position to Nigel Hinshelwood, who presently is serving as a group general manager, as a non-executive director of the Saudi British Bank, and as a non-executive director serves Marks & Spencer Bank, for its UK Unit where the designated authority is supposed to oversee ring-fencing – the separation of the consumer and investment banking operations.
According to an internal memo cited by Bloomberg, Nigel will also act as deputy for Antonio Simoes, CEO of HSBC Bank Plc – to which had been further confirmed by bank’s spokeswoman. Nigel, who joined the bank in India in 2005 and is currently global head of operations, will be responsible for retail banking and wealth management, commercial banking and private banking, as well as global functions and operations for the HSBC U.K. business He will be designated officially on 22nd of February after being approved by board.
HSBC being one of U.K’s largest banks is looking ahead towards strategizing in meeting the ring-fence rules in upcoming year of 2019 – moreover it is looking for lenders worth US$ 36 billion i.e. 25 billion pounds as deposits for erecting firebreaks between their retail and commercial operations and investment banking. The regulation is knows to ensure this core service (handling payments and deposits)
“Successful delivery of the ring-fenced bank is one of the 10 strategic actions that we undertook to investors. Nigel’s role is therefore to deliver one of the group’s highest priorities.” – A statement by Simoes in HSBC’s June strategy update
Birmingham Base HSBC’s ring-fenced bank will be known as HSBC U.K. and the lender is moving the head office of the operation to Birmingham that would transfer approx. one thousand individuals from London.
Shares of HSBC Holdings were bearish with 1.4% to 501 pence at 12:31 p.m. in London.
