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HSBC names AIA's Mark Tucker as new chairman

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By Euronews
HSBC names AIA's Mark Tucker as new chairman

<p>Changes at the top for Europe’s biggest bank – <span class="caps">HSBC</span>. </p> <p>One-time professional footballer and insurance industry veteran Mark Tucker is to take over as chairman at the start of October, replacing Douglas Flint. </p> <p>Tucker is currently the boss of <a href="https://en.wikipedia.org/wiki/AIA_Group">Asian-based insurer <span class="caps">AIA</span></a> and the former head of British international financial services group <a href="https://en.wikipedia.org/wiki/Prudential_plc">Prudential</a>.</p> <blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/HSBC?src=hash">#HSBC</a> announces its appointment of Mark Tucker to succeed Douglas Flint as Group Chairman <a href="https://t.co/rGT5oGtfjC">https://t.co/rGT5oGtfjC</a> <a href="https://t.co/lOsWMRFlN6">pic.twitter.com/lOsWMRFlN6</a></p>— <span class="caps">HSBC</span> (@HSBC) <a href="https://twitter.com/HSBC/status/841178723017723904">March 13, 2017</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>It is the first time <span class="caps">HSBC</span> has hired an outsider as chairman in its entire 152-year history.</p> <p><strong>Asia focus and problems</strong></p> <p><span class="caps">HSBC</span> shares rose on news of Tucker’s appointment as investors welcomed the choice of the <a href="http://uk.reuters.com/article/us-hsbc-chairman-tucker-newsmaker-idUKKBN16K1PF?mod=related&channelName=ousivMolt">Asia veteran</a> as a signal it could intensify its shift towards the region.</p> <blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Analysts today are highlighting soon-to-be <span class="caps">HSBC</span> chairman Mark Tucker's “track record” – he's done right by <span class="caps">AIA</span> shareholders <a href="https://twitter.com/sjhmorris"><code>sjhmorris</a> <a href="https://t.co/VkewUhp48L">pic.twitter.com/VkewUhp48L</a></p>&mdash; Darren Boey (</code>darrenboey) <a href="https://twitter.com/darrenboey/status/841152679841804288">March 13, 2017</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <p>Tucker’s main challenge will be to oversee a return to profit growth at <span class="caps">HSBC</span> in the face of low demand for loans in its twin home markets of Britain and Hong Kong as well as slowing growth in China.</p> <p>The new chairman will also have to find a successor to <span class="caps">HSBC</span>’s <a href="https://en.wikipedia.org/wiki/Stuart_Gulliver">Chief Executive Stuart Gulliver</a> who is due to leave next year. </p> <p>Gulliver, in common with many global bank <span class="caps">CEO</span>s, has not clearly nurtured an obvious successor-in-waiting within the company’s senior management ranks. That leaves the door open to a number of his lieutenants or an outside candidate.</p> <blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Why <span class="caps">HSBC</span> has got Mr. Right with Mark Tucker as its new chairman <a href="https://t.co/IgAkuamMkv">https://t.co/IgAkuamMkv</a> via <a href="https://twitter.com/Bfly"><code>Bfly</a> <a href="https://t.co/fajPFYm4o5">pic.twitter.com/fajPFYm4o5</a></p>&mdash; Bloomberg (</code>business) <a href="https://twitter.com/business/status/841193500712525824">March 13, 2017</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>