HSBC Renames Its Wholesale Banking Division

by Mary Swire, Tax-News.com, Hong Kong

22 January 2008

HSBC has announced this week that it has renamed its wholesale banking division Global Banking and Markets. The previous name for the division, Corporate, Investment Banking and Markets, will be retired.

"We launched our emerging markets-led and financing-focused wholesale banking strategy in the fourth quarter of 2006 and completed implementation over the course of 2007. Changing our name to Global Banking and Markets does not signal a change in strategy. Rather, our new name marks the end of the implementation of the change to our strategy, which has been well-received by clients, staff and shareholders," explained Stuart Gulliver, Chief Executive of Global Banking and Markets.

"When we introduced our new strategy more than a year ago we promised to be clearer about who we are and what we do. Our new name is straightforward and direct and aligns with how the business is managed," Mr Gulliver added.

HSBC also announced that Group Investment Businesses, which is part of the Global Banking and Markets division, will change its name to HSBC Global Asset Management.

Global Banking and Markets is comprised of five main businesses: Global Banking, Global Markets, Global Asset Management, Global Research and Principal Investments. Global Banking and Markets won several industry awards in 2007.

Recommended