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Bank turns to insurance veteran

Horta-Osorio in HSBC frame as Tucker takes chair

Antonion Horta-Osorio YoutubeLloyds Bank chief executive Antonio Horta-Osorio has been linked to HSBC as the Asia-focused bank rebuilds its top team.

HSBC has appointed former HBOS finance director Mark Tucker as chairman and he will play a leading role in hiring a chief executive to replace Stuart Gulliver next year.

Mr Tucker, who is currently chairman and CEO of AIA Group, spent a large chunk of his career at insurance giant Prudential.

He will join HSBC on 1 September and becomes non-executive group chairman on 1 October. The bank’s shares rose 1.2% in Hong Kong on Monday on the news of his appointment.

Current chairman Douglas Flint and Gulliver will leave HSBC after six years which has seen the bank shrink as profits nosedived after the financial crisis.

 

Mr Tucker, who will receive a basic annual fee of £1.5 million, will consider whether to promote an internal candidate into the CEO’s office or appoint an outsider such as himself.

Mr Horta-Osorio is being mentioned by investors as a likely target. He has rebuilt Lloyds and restored it to profitability.

Before embarking on his career in insurance and banking Mr Tucker was a trainee professional footballer, making appearances for Wolverhampton Wanderers, Rochdale and Barnet although he never played a first team match.

 

 

 

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