HSBC chief to lead from Hong Kong

25th Sep 2009 11:30

HSBC is flying its boss out to Hong Kong where he'll stay and lead the banking titan's increasing focus on emerging markets.Chief executive Michael Geoghegan will relocate from London at the start of February next year, although HSBC Holdings will remain domiciled in the UK.'The move further positions the group for the shift in the world's centre of economic gravity from West to East, while HSBC's continued strong presence in major developed markets reflects the increasingly interconnected nature of the global economy and the profile of the group's customers,' the bank said Friday.Chairman Stephen Green and executive directors, Douglas Flint and Stuart Gulliver, will stay in London. 'The additional management presence in Hong Kong and focus on our faster-growing markets is absolutely right for HSBC and entirely consistent with the strategy we set out in 2006,' said Green.'There is absolutely no question of HSBC pulling away from London.'HSBC was founded in Hong Kong and Shanghai in 1865 and eventually took over Britain's Midland Bank in 1992 after buying a big stake five years earlier.Geoghegan will also replace Vincent Cheng as chairman of The Hong Kong and Shanghai Banking Corporation.