By (Reuters) -HSBC Holdings named insider Pam Kaur as its first female finance chief on Tuesday, replacing Georges Elhedery who became CEO earlier this year, and announced a reorganization streamlining the bank into four business units.
Effective Jan. 1, 2025, the company will restructure its operations into four distinct business lines: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking, HSBC said in a separate filing.
HSBC is consolidating its Commercial Banking operations (excluding UK and Hong Kong) with its Global Banking and Markets business.
The new Corporate and Institutional Banking unit will also incorporate the predominantly wholesale banking activities of 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 fits into the 160-year-old lender’s focus on continuity amid a shift to growth from restructuring, in the backdrop of rising risks associated with geopolitical tensions and an end to interest rate hikes.
Chief Risk and Compliance Officer Pam Kaur, 60, joined HSBC in April 2013 as group head of internal audit.
Kaur has previously held senior positions at top global banks, including Citigroup’s global director of compliance for consumer banking and Deutsche Bank’s global head of group audit.
Jon Bingham, interim Group CFO, will resume his role of 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 said.