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Investing.com -- HSBC has appointed Brendan Nelson as chairman following a yearlong search for one of the most significant positions in global finance.
Nelson, 76, who previously served as a longtime partner at KPMG, joined the UK bank’s board in September 2023 and has been serving as interim chairman since October 1.
He succeeds Mark Tucker, who stepped down on September 30 and subsequently joined Hong Kong insurer AIA.
The appointment comes as HSBC undergoes significant changes under Chief Executive Georges Elhedery, who assumed leadership in the fall of 2024. Under Elhedery’s direction, the bank has been implementing staff reductions and reorganizing divisions.
Nelson brings substantial financial industry experience to the role, having led the global financial-services practice at KPMG where he advised and audited banks. His board experience includes positions at BP and Royal Bank of Scotland, according to HSBC.
"I look forward to continuing to work with the board, Georges and the wider management team," Nelson said.
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