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The UK has been named as one of four key global business units at HSBC, as the bank’s new chief executive unveiled a new structure to simplify the group.
The new organization will split the lender into four broad divisions: the UK, Hong Kong, corporate and institutional banking and international wealth and premier banking.
The business says the British unit “has a leading market position in our home market of the UK and will continue to be a critical pillar of our strategy”.
The division, led by chief executive Ian Stuart, contains personal banking — including First Direct and M&S Bank. It also contains commercial banking, including innovation banking.
Previously, the bank was ordered into three broad geographical units covering the Americas, Asia as well as Europe and the Middle East.
The move is the first major decision taken by Georges Elhedery (pictured) who replaced Noel Quinn as group chief executive last month.
Elhedery says: “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.”
“Our home markets of the UK and Hong Kong, together with our corporate and institutional banking as well as our wealth and Premier banking businesses, are the core strengths of HSBC.
He adds: “By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow.”
In February, HSBC UK reported that its mortgage lending balances lifted by $5bn (£4bn) from a year ago.
The move took the mortgage gross carrying amount of the lender’s UK arm to $161bn (£128bn), according to the group’s 2023 annual report.
It added: “We also increased our market share of UK mortgage stock, from 7.4% in 2020 to 8% in 2023, according to Bank of England data.”
The UK has been named as one of four key global business units at HSBC, as the bank’s new chief executive unveiled a new structure to simplify the group.
The new organization will split the lender into four broad divisions: the UK, Hong Kong, corporate and institutional banking and international wealth and premier banking.
The business says the UK unit “has a leading market position in our home market of the UK and will continue to be a critical pillar of our strategy”.
The division, led by chief executive Ian Stuart, contains personal banking — including First Direct and M&S Bank. It also contains commercial banking, including innovation banking.
Previously, the bank was ordered into three broad geographical units covering the Americas, Asia as well as Europe and the Middle East.
The move is the first major decision taken by Georges Elhedery who replaced Noel Quinn as group chief executive last month.
Elhedery says: “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.”
“Our home markets of the UK and Hong Kong, together with our corporate and institutional banking as well as our wealth and Premier banking businesses, are the core strengths of HSBC.
He adds: “By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow.”
The lender has also promoted Pam Kaur to group chief financial officer from group chief risk and compliance officer from January.
Kaur joined the business in 2013 and has worked for UK, US and German Banks for almost 40 years.
Elhedery points out: “We had a strong bench of internal and external candidates to choose from and Pam was the exceptional candidate to recommend to the Board.”
In February, HSBC UK reported that its mortgage lending balances lifted by $5bn (£4bn) from a year ago.
The move took the mortgage gross carrying amount of the lender’s UK arm to $161bn (£128bn), according to the group’s 2023 annual report.
It added: “We also increased our market share of UK mortgage stock, from 7.4% in 2020 to 8% in 2023, according to Bank of England data.”