HSBC appoints Samir Assaf Chief Executive Global Banking and Markets

The bank’s global banking expanded with Robin Phillips and Kevin Adeson Co-Heads while Jose-Luis Guerrero and Spencer Lake will be Global Markets co-heads.

HSBC Holdings plc has announced on Friday the appointment of Samir Assaf as Chief Executive of its Global Banking and Markets business with effect from 1 January 2011. He succeeds Stuart Gulliver who becomes Group Chief Executive on the same date. Samir, currently Head of Global Markets, will report to Stuart and becomes a Group Managing Director, joining HSBC's Group Management Board.

Samir, a 23-year capital markets veteran, has played a key role in the rapid growth of Global Markets' fixed income business in Europe and the development of the rates and equities structured-product platforms globally.

Following his appointment, Samir has also named his leadership team for Global Banking and Markets, also effective on 1 January 2011, as follows, according to an HSBC report.

As part of the evolution of the business, Global Capital Financing will be integrated into Global Banking and Markets in order to enhance its ability to serve its client needs. The expanded business will see Robin Phillips, who heads some of HSBC's largest client relationships, become Co-Head of Global Banking which will now incorporate Equity Capital Markets, Leveraged & Acquisition Finance and Project Finance Execution.

Robin will also have responsibility for key Global Banking and Markets strategic initiatives, including managing a family office partnership with Global Private Banking; cooperating with Commercial Banking to broaden relationships with the Commercial Banking client base; developing Global Banking and Markets HSBC names Global Banking and Markets top team infrastructure offering and commodity financing capability. Robin will also chair the Global Banking and Markets Operating Committee in Samir's absence.

Kevin Adeson will join Robin as Co-Head of the enlarged Global Banking platform, bringing his financing and transactional experience to the business. Kevin is currently Head of Global Capital Financing.

In Global Markets, Jose-Luis Guerrero and Spencer Lake will become Co-Heads of an expanded business which will now also incorporate primary responsibility for Debt Capital Markets and Asset and Structured Finance. Jose-Luis is currently head of Global Markets, EMEA and was previously Head of Global Markets for the Americas. Spencer is currently head of Debt Capital Markets.

Stuart Gulliver, Group Chief Executive Designate, commented: “We have built a world-class wholesale banking operation over the last decade, one of the few to emerge from the financial crisis with its reputation and market position enhanced. Its ability to connect emerging markets with developed markets for our customers' benefit positions it strongly for future growth and gives it the potential to contribute around one third of HSBC's profits sustainably. I have worked with Samir for the last eight years and know his exceptional talent and experience mean that I leave the business in hugely capable hands.”

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