Niall Booker named as new HSBC COO

23 March 2007

HSBC Holdings has appointed experienced and long-serving banker Niall Booker as chief operating officer, according to a company statement.

Mr Booker had previously been chief executive of HSBC's Finance Middle Eastern division and, having been involved in banking in Hong Kong, the United States and India, brings a wealth of experience to the role.

His appointment represents a safe pair of hands for HSBC and it is thought that he will be charged with toughening up the bank's lending business, which has recently suffered as a result of bad debts incurred in the domestic subprime mortgage market.

Mr Booker will report to Brendan McDonagh, who replaced Bobby Mehta after his resignation as the company's chief executive.

Meanwhile, Youssef Nasr will take the place of Mr Booker as chief executive of HSBC Bank Middle East.

HSBC was last year forced to write off £10.6 billion of delinquencies accrued from subprime lending.

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