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HSBC appoints AIA boss as new chairman HSBC appoints AIA boss as new chairman
(35 minutes later)
HSBC has appointed Mark Tucker, the current chief executive of Asian insurer AIA, as group chairman.HSBC has appointed Mark Tucker, the current chief executive of Asian insurer AIA, as group chairman.
Mr Tucker will take over from Douglas Flint who has been chairman since 2010. Mr Tucker will take over on 1 October, succeeding Douglas Flint who has been in the role since 2010.
Mr Tucker has been chief executive of AIA since 2010 and has overseen its expansion in Asia. During seven years as chief executive of AIA, Mr Tucker oversaw the insurer's expansion in Asia.
One of Mr Tucker's first jobs will be to find a replacement for Stuart Gulliver, the current chief executive of HSBC, who has indicated that he wants to step down next year. One of his first jobs will be to find a replacement for Stuart Gulliver, the current chief executive of HSBC, who plans to step down next year.
HSBC is Europe's biggest bank, but the bulk of its profits are generated in Asia.
The bank has been through an overhaul in recent years in an attempt to reverse declining profits.
Despite those efforts, profits tumbled more than 60% last year.
The banking industry has been hampered by the extended period of very low interest rates, which makes lending money less profitable.
For HSBC that problem has been compounded by its move into less risky areas of banking since the financial crisis which started in 2007.
Those challenges make the appointment of a new chief executive even more crucial for investors, a search which will now be led by Mr Tucker.