SHANGHAI: Top executives at HSBC Holdings Plc said there are no plans to move the bank's headquarters from London, as they met for their regular board meeting on Wednesday, Sept 29 amid a surprise shake-up in the corporate suite of Europe's largest bank.
"We haven't reached a decision on whether to move the headquarters or not. If we ever come to that decision, that's the point at which we will evaluate," said incoming Chief Executive Stuart Gulliver, in reference to speculation sparked by the bank's decision to move senior management to Hong Kong earlier this year.
The move by outgoing CEO Michael Geoghegan and his team to Hong Kong was a smooth transition, reflecting the bank's rising focus on Asia and fuelling a belief the bank would one day shift its home base back to Greater China.
But when Chairman Stephen Green made his surprise announcement this month that he would leave the company earlier than expected, his exit set off a scramble among top executives.
The normally staid bank seized headlines last week as it appointed a new chairman, chief executive and finance director after reports of internal bickering over the new roles.
Geoghegan and board director John Thorton were passed over for the chairman's role. Geoghegan, who media reports said threatened to quit if he did not get the chairman job, has called HSBC's new leadership team "awesome".
"I have had 37 great years with the bank in 11 countries and four continents," Geoghegan told about a dozen reporters who had camped out since early morning at HSBC's headquarters in the heart of Shanghai's financial district, seeking a chance to talk with board members before their meeting.
"I have done everything that I wanted to do to put the bank in good shape," he said.
A group of Hong Kong and local reporters had been following the HSBC board members around Shanghai for much of the last two days, looking for comments on the recent management shake-up.
Board members had originally aimed to keep a low profile, but made some remarks before the Wednesday board meeting.
"I am looking forward to moving back to Hong Kong," Gulliver, 51, said as he arrived at the bank's China headquarters for the meeting. "My appointment to group CEO does not change the mix of businesses within the HSBC Group," he said.
Green and other board members declined to make additional comments upon leaving the building after the board meeting wound up in the middle of the afternoon.
Reflecting the growing importance of Asia to the broader banking world, UBS on Wednesday named the co-head of its investment bank as a co-head of its Asia-Pacific business, and said he would move to Hong Kong to assume his new role.
Green, who is to become Britain's trade and investment minister in January, said the bank was committed to building its China business, and lamented the leaking of news about the management shake-up, which made global headlines last week before the bank finally made an official announcement.
Green also echoed Gulliver's sentiments that there were no plans to move the headquarters to Hong Kong.
Under the reshuffle, Green will be replaced as chairman by Douglas Flint, currently finance director, in addition to Gulliver's ascendance to CEO.
"Leakages are always a shame, but we have a very orderly process," said Green. "We have announced several appointments that are extremely good for the company. I am a shareholder and I will continued to be a shareholder."
"We haven't reached a decision on whether to move the headquarters or not. If we ever come to that decision, that's the point at which we will evaluate," said incoming Chief Executive Stuart Gulliver, in reference to speculation sparked by the bank's decision to move senior management to Hong Kong earlier this year.
The move by outgoing CEO Michael Geoghegan and his team to Hong Kong was a smooth transition, reflecting the bank's rising focus on Asia and fuelling a belief the bank would one day shift its home base back to Greater China.
But when Chairman Stephen Green made his surprise announcement this month that he would leave the company earlier than expected, his exit set off a scramble among top executives.
The normally staid bank seized headlines last week as it appointed a new chairman, chief executive and finance director after reports of internal bickering over the new roles.
Geoghegan and board director John Thorton were passed over for the chairman's role. Geoghegan, who media reports said threatened to quit if he did not get the chairman job, has called HSBC's new leadership team "awesome".
"I have had 37 great years with the bank in 11 countries and four continents," Geoghegan told about a dozen reporters who had camped out since early morning at HSBC's headquarters in the heart of Shanghai's financial district, seeking a chance to talk with board members before their meeting.
"I have done everything that I wanted to do to put the bank in good shape," he said.
A group of Hong Kong and local reporters had been following the HSBC board members around Shanghai for much of the last two days, looking for comments on the recent management shake-up.
Board members had originally aimed to keep a low profile, but made some remarks before the Wednesday board meeting.
"I am looking forward to moving back to Hong Kong," Gulliver, 51, said as he arrived at the bank's China headquarters for the meeting. "My appointment to group CEO does not change the mix of businesses within the HSBC Group," he said.
Green and other board members declined to make additional comments upon leaving the building after the board meeting wound up in the middle of the afternoon.
Reflecting the growing importance of Asia to the broader banking world, UBS on Wednesday named the co-head of its investment bank as a co-head of its Asia-Pacific business, and said he would move to Hong Kong to assume his new role.
Green, who is to become Britain's trade and investment minister in January, said the bank was committed to building its China business, and lamented the leaking of news about the management shake-up, which made global headlines last week before the bank finally made an official announcement.
Green also echoed Gulliver's sentiments that there were no plans to move the headquarters to Hong Kong.
Under the reshuffle, Green will be replaced as chairman by Douglas Flint, currently finance director, in addition to Gulliver's ascendance to CEO.
"Leakages are always a shame, but we have a very orderly process," said Green. "We have announced several appointments that are extremely good for the company. I am a shareholder and I will continued to be a shareholder."
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