HSBC names Brazilian to head Australian operations

Chris ZapponeMay 26, 2009

HSBC has named a Brazilian executive as chief of the Australian unit of the global bank, taking over the role from Stuart Davis. Paulo Maia comes to the job from his current position as deputy chief executive of HSBC Brazil. Previously, Mr Maia headed HSBC's personal financial services in the South American country as well as its commercial banking business. He will begin the Australian role on July 1.

''Paulo Maia will continue to grow HSBC's business in Australia, focusing on new and existing business opportunities within Personal Financial Services, Commercial Banking and Global Banking and Markets where the HSBC Group's global size and on-the-ground presence provide us with a natural advantage in this market,'' said HSBC Asia Pacific Sandy Flockhart in a statement.

Outgoing chief of HSBC Australia Mr Stuart has been appointed CEO of the Hongkong and Shanghai Banking Corporation in India.

HSBC Australia operates 35 offices and branches in the country. It posted a pre-tax profit of US$176 million ($225 million) in 2008.

Source: Smh.com.au http://business.smh.com.au/business/hsbc-names-brazilian-to-head-australian-operations-20090526-bl83.html