HSBC Announces Key International Appointments

by Mary Swire, for LawAndTax-News.com, Hong Kong

16 April 2008

HSBC announced this week that Emilson Alonso, current Chief Executive of HSBC Bank Brasil and Co-head of Latin America, has been promoted to Group Managing Director and Head of HSBC Latin America with effect from May 2008.

In addition to this,the bank also announced that Paul Thurston, current Chief Executive of HSBC Mexico and Co-head of Latin America, has been promoted to become a Group Managing Director, and will return to the UK in May as Managing Director, UK Banking.

Mr Alonso joined HSBC in 1997 and has run the bank's 1,391 Brazilian operations, making it the sixth largest privately owned bank in the country, since September 2003.

Born in Sao Paulo, Brazil, he previously ran HSBC Insurance in Brazil, and was formerly responsible for personal financial services.

Alonso will move to Mexico and report to Group Chief Executive, Michael Geoghegan. He will have responsibility for all HSBC's operations across Latin America.

Mr Thurston joined HSBC in 1975 and had a broad range of banking experience in the UK, before running HSBC's personal financial services businesses in Hong Kong and across Asia.

He became Chief Executive of HSBC Mexico, where HSBC is the fourth largest financial services company, in February 2007 and Co-head of Latin America in August 2007.

Thurston will return to London and take over responsibility for HSBC's retail and commercial operations in the UK from Dyfrig John, Chief Executive, HSBC Bank plc.

Mr John will continue to run the continental European operations of HSBC Bank plc. He will also be appointed Deputy Chairman of HSBC Bank plc with effect from May 2008.

Both Alonso and Thurston will join the Group Management Board, HSBC's global management team, chaired by Group Chief Executive, Michael Geoghegan.

Commenting on the appointments, Michael Geoghegan stated that:

"Starting with less than 10 offices a decade ago, we have built one of Latin America's banking powerhouses, with over 4,000 offices today and a USD2.2bn profit contribution to the Group last year."

"Along with Asia and the Middle East, where HSBC is the number one international bank, Latin America forms a crucial part of our leading emerging markets franchise. It's a region which continues to present us with great opportunity, not least with many economies growing by well over five per cent a year. I have no doubt that Emilson Alonso and the team will take this forward with tremendous skill and enthusiasm."

"Our UK business continues to be a significant contributor to the Group and we have potential to improve further our positioning in this country, building on our strong market presence and customer base, innovative retailing and by harnessing our global capabilities. Paul Thurston will be returning to the UK, where he previously worked for 25 years, with the benefit of considerable experience gained running businesses in other markets, to lead the focused growth of our UK business in key areas of opportunity," he added.

In Mexico, Paul Thurston will be succeeded as Chief Executive by Luis Pena, until recently Chief Executive of Grupo Financiero Banorte Mexico, the country's largest domestically owned bank.

In Brazil, Shaun Wallis will take over from Alonso as Chief Executive, HSBC Bank Brasil.

Mr Wallis is currently Chief Executive, HSBC Bank Malta, where HSBC is the island's largest publicly listed company.

Alan Richards, currently Deputy Chief Executive of HSBC Bank Australia, will succeed Wallis as Chief Executive in Malta.

"It is testament to the bench strength of HSBC that we can continue to make international appointments on this scale from within our own ranks, while selectively hiring the best external talent available to enhance the HSBC team," Geoghegan concluded.

The appointments are subject to local regulatory approvals where required.

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