September 19, 2021
  • September 19, 2021

HSBC sets up internal M&A team in Hong Kong

By on August 11, 2021 0

HSBC has hired a heavyweight from Citigroup to oversee its expansion through mergers and acquisitions (M&A) in Asia.

Willard McLane, the former vice president of Citigroup’s Global Financial Institutions Group (FIG), has joined HSBC in Hong Kong as head of corporate development.

McLane will report directly to CFO Ewen Stevenson and his job will be to create a global business development function that “will identify and develop inorganic opportunities, ”Stevenson said in a note.

Earlier this year, Stevenson took on additional responsibility for the group’s M&A plan. McLane’s experience in FIG mergers and acquisitions and the fact that he is based in Hong Kong underscores HSBC’s commitment to grow in the region. Stevenson said during the bank’s first half results that HSBC was planning to make “three or four targeted acquisitions” across Asia.

HSBC is investing $ 6 billion in its Asian activities, mainly in wealth management, where the bank is pursuing mergers and acquisitions. The focus will be on mergers and acquisitions outside of Hong Kong, where Stevenson said the bank will grow organically, and Stevenson said the focus will be on deals in the order of $ 500 million. .

The hiring of McLane strengthens Stevenson’s internal strategy team and also increases the number of former Citigroup bankers now occupying the upper echelons of the bank. HSBC’s US business is headed by Michael Roberts, who previously headed corporate banking at Citi, while Gerry Keefe, who heads global banking for the Americas at HSBC, is another Citigroup veteran.

But the former senior Citigroup executive is Jamie Forese, who led the US bank’s institutional securities group and was group chairman before joining the HSBC group board in 2020 when he was appointed by the chairman. Mark Tucker.

McLane is also the latest global manager to be located in Hong Kong. Greg Guyett, CEO of the World Bank, Nuno Matos, Head of Wealth Management and Barry O ‘Byrne, Head of Commercial Bank, are all expected to leave Europe later this year.

McLane was also vice president of Citi’s Asia technology group, and this experience means he will also be responsible for building technology partnerships as well as finding M&A opportunities.

HSBC declined to comment.

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