HSBC Holding Group Chairman Stephen Green (L) and HSBC Holding Chief Executive Michael Geoghegan pose for a photo before they attend a directorate meeting in Hong Kong September 25, 2009.
HSBC Group announced Friday that it would relocate its Group Chief Executive from London to Hong Kong in February, a move in line with its strategy to focus on emerging markets.
"The move further positions the group for the shift in the world’s center of economic gravity from West to East," said the HSBC in a statement.
The Group Chief Executive Michael Geoghegan will move to Hong Kong from Feb. 1, 2010, but will also maintain an office and a regular presence in London, according to the statement.
It is aimed to fully realize growth potential of "the group’s strategically most important region" for the Group Chief Executive to operate from Hong Kong, the hub for HSBC’s Asia-Pacific business, said the bank.
HSBC Holdings PLC, the holding company of the HSBC Group, however, would remain domiciled in the United Kingdom and has no plans to move, according to the statement.
Founded in Hong Kong and Shanghai in 1865, the London-based HSBC Group is the largest international bank in the Asia-Pacific region, with total assets worth 2.4 trillion U.S. dollars at the end of June.
"The additional management presence in Hong Kong and focus on HSBC’s faster-growing markets is absolutely right for HSBC and entirely consistent with the strategy set out in 2006," said Stephen Green, Group Chairman of the HSBC.
"The move of HSBC does not mean the bank is pulling away from London, but operating from the two equally strategically important centers, i.e. Hong Kong and London," he said.
The bank said Michael Geoghegan will also become Chairman of the Hong Kong and Shanghai Banking Corporation Limited, the bank’s Asian unit, to succeed Vincent Cheng on 1 February 2010.
Vincent Cheng, who has chaired HSBC’s Asia business since 2005,will continue to report to the Group Chairman, and he remains an executive director and will continue to help the bank develop its businesses in the Chinese mainland, Hong Kong and Taiwan, according to the statement.
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