Management changes at HSBC Middle East

Senior managerial promotions announced at HSBC Middle East.
Management changes at HSBC Middle East
By Diana Milne
Thu 22 Mar 2007 04:31 PM

HSBC Middle East has announced management changes and the promotion of its current CEO to a senior position at HSBC Finance Corporation.

Niall Booker, currently Deputy Chairman and Chief Executive Officer of HSBC Bank Middle East Limited is to become Chief Operating Officer of HSBC Finance Corporation. Mr. Booker will report to Brendan McDonagh, Chief Executive Officer of HSBC Finance.

Youssef Nasr will succeed Mr. Booker as Chief Executive Officer of HSBC Bank Middle East Limited. Mr. Nasr retains responsibility for broadening HSBC's shareholder base as Group Managing Director, Strategic Investments and will continue to report to Michael Geoghegan, Group Chief Executive Officer of HSBC.

Michael Geoghegan, Group CEO of HSBC, said: "Niall has been with HSBC since 1981, working in India, Hong Kong, the USA and several other nations in a career which has seen him take on senior roles in almost every aspect of HSBC's business. He is the ideal person to help Brendan and I better integrate HSBC Finance with the wider Group and to build on the significant success of its consumer finance businesses. Niall will also assist in the containment of the issues we are tackling within the Mortgage Services division.

"Youssef will continue to lead our successful efforts to bring in new types of investors from around the world. He is a 30-year HSBC veteran who has worked for the Group in the US, UK, Canada and Brazil, and I have every confidence that he will build on the terrific success of our Middle East business which, in 2006, reported a record pre-tax profit."

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