HSBC Announces Reshuffle of Aussie Executives

Global bank HSBC has announced the reshuffle of its Australian executives.

HSBC Philippine operations head Tony Cripps will take over the local business in December, replacing Paulo Maia, the main man in HSBC Australia.

Maia would be now chief executive and president of HSBC Canada. He replaces HSBC Canada head Lindsay Gordon, who is scheduled to retire after the 25 years of service.

Maia, who ran HSBC Australia for three years, said it was a pleasure to work in the country. He added that the Australian business is one of the most competitive banking sectors in the world.

HSBC Australia is one of the biggest operations of the global bank with about $12 billion lending book.

Cripps, meanwhile, has been managing several markets and banking roles in the UK, Hong Kong, and Australia.

HSBC regularly rotates its top management every few years to expose them to different regions and operations. Reshuffling also includes relocating them to other global businesses.

HSBC group chief executive Stuart Gulliver expressed confidence on the talent pool of the global bank. It is worth noting, however, that the reshuffle comes at a time when HSBC is embroiled in a controversy over money-laundering activities.