HSBC Hiring Fitch Asia Chairman Ginsburg as Top Asia Dealmaker
(Bloomberg) -- HSBC Holdings Plc is hiring veteran banker Matthew Ginsburg as its top Asia dealmaker, filling a gap left by the departure of Peter Enns, as the European lender builds out its leadership ranks in its most lucrative region.
Ginsburg will become global co-head of advisory and investment banking following a stint as Asia Pacific chairman of Fitch Ratings and previous spells at Morgan Stanley and Barclays Plc, said people familiar with the matter, who asked not to be named discussing an internal decision. He joins co-head Adam Bagshaw. The bank declined to comment, while Fitch couldn’t immediately comment. Ginsburg couldn’t immediately be reached.
HSBC is pouring billions of dollars to expand in Asia to boost profitability as it exits unprofitable businesses in the U.S. and Europe. The lender is in the process of moving several top executives to Hong Kong, including Greg Guyett, co-head of the investment bank.
Ginsburg has been based in Hong Kong since 1992, according to Fitch. Enns left earlier this year and was later named chief financial officer at insurer Chubb Ltd.
HSBC is facing broader changes to its management in Asia, with regional chief Peter Wong expected to step away from his responsibilities this year, people familiar with the matter have said previously. Wong has been preparing for his eventual retirement by mentoring David Liao and Mark Yunfeng Wang, the heads of Asia Pacific global banking and its China operations, people familiar with the matter have said.
Europe’s largest lender also hired Will McLane, vice chairman of Citigroup Inc.’s global financial institutions group, as head of global corporate development, people with knowledge of the matter said on Tuesday. He’s expected to help the Asia focused bank develop strategic initiatives, look for acquisition opportunities and form technology partnerships, one of the people said.
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