HSBC Holdings (LON:HSBA) has appointed Royal Bank of Scotland Group’s (LON:RBS) outgoing finance chief as its finance director, the Asia-focused lender has said. The news comes after the bailed-out lender announced Stevenson’s resignation last month.
HSBC’s share price has fallen deep into the red in today’s session, having given up 2.16 percent to 705.30p as of 13:39 BST. The stock is marginally underperforming the broader market selloff which has seen the benchmark FTSE 100 index dip 1.53 percent to 7,564.42 points, pressured by escalating trade tensions between the US and China. The lender’s shares have added more than three percent to their value over the past year, as compared with a near two-percent rise in the Footsie.
HSBC appoints Ewen Stevenson
HSBC announced in a statement today that its finance director Iain Mackay will retire from the company, to be succeeded by Ewen Stevenson who has been RBS’ chief financial officer since 2014. The group noted that the specific retirement and appointment dates will be confirmed in due course. The news follows the bailed-out lender’s announcement last month that Stevenson would step down as its chief financial officer to take up an opportunity elsewhere, without specifying the date of his departure.
“Ewen is a highly experienced executive with a proven track record as a chief financial officer. He is both a strategic thinker and a highly accomplished expert in his field,” HSBC’s chief executive John Flint commented in today’s statement.
The news of Stevenson’s appointment comes after Europe’s biggest bank recently updated investors on its strategy which will see the company invest between $15 billion and $17 billion as it looks to return to growth.
Analysts on Asia-focused lender
As of June 22, the consensus forecast amongst 23 polled investment analysts covering HSBC for the Financial Times advises investors to hold their position in the company. According to MarketBeat, the Asia-focused lender currently has a consensus ‘hold’ rating and an average price target of 769.06p.