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HSBC announces management changes

HSBC has promoted Emilson Alonso, currently the CEO of HSBC Bank Brasil and co-head of Latin America, as a group managing director and head of HSBC Latin America with effect from May 2008.

Mr Alonso will move to Mexico and report to group CEO, Michael Geoghegan. He will be responsible for all of HSBC’s operations across Latin America.

Shaun Wallis, currently CEO of HSBC Bank Malta, will take over from Mr Alonso as CEO of HSBC Bank Brasil. Mr Wallis will report to Mr Alonso in his new role.

Alan Richards, currently deputy CEO of HSBC Bank Australia, will succeed Mr Wallis as CEO in Malta. Prior to joining HSBC in Australia, Mr Richards was the head of retail banking in Turkey.

Paul Thurston, currently CEO of HSBC Mexico and co-head of Latin America, has also been promoted to a group managing director and will return to the UK in May, 2008 as the managing director for UK banking. He will take over responsibility for HSBC’s retail and commercial operations in the UK from Dyfrig John, CEO of HSBC Bank.

Mr Dyfrig will continue to run the continental European operations of HSBC Bank. He will also be appointed as deputy chairman of the bank with effect from May 2008.

In Mexico, Mr Thurston will be succeeded by Luis Pena, until recently CEO of Grupo Financiero Banorte Mexico. He will report to Mr Alonso.

Both Mr Alonso and Mr Thurston will join the group management board, HSBC’s global management team chaired by Mr Geoghegan.