Brendan Nelson has commenced his inaugural year as the new Chairman of HSBC Holdings PLC, and he is likely to encounter a familiar face in the office: his predecessor, Mark Tucker.
According to informed sources, Tucker will remain at the bank in the special capacity of an advisor, exceeding the originally intended duration. These individuals requested anonymity as the matter is not public. They added that Tucker's contract has been extended, and he will continue to offer advice to the Chief Executive Officer and the Board on specific matters.
Approximately three months ago, the British bank had indicated that Tucker would depart completely once a formal Chairman was appointed. In a statement dated September 26, the bank stated he would stay on as a strategic advisor "during the search for a formal successor." Nelson was confirmed as the new Chairman in December.
The decision regarding Tucker's continued role coincides with the bank's efforts to finalize a $14 billion privatization deal for Hang Seng Bank, its largest acquisition in over a decade. Despite Tucker's recent appointment as Chairman of AIA Group, HSBC has retained him in the advisory position.
AIA and HSBC are direct competitors in several markets, including the wealth management sectors of Hong Kong and mainland China. When questioned about potential conflicts of interest arising from Tucker holding both roles, a representative for AIA stated that his external activities are subject to "appropriate governance, full disclosure, and do not impact his duties and time commitment to AIA."
An HSBC spokesperson stated that Tucker "continuing to serve as an advisor to the HSBC Board and Group CEO complies with all appropriate governance and disclosure requirements."
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