HSBC Appoints Niall Booker Head of North America Unit, Replacing McDonagh

HSBC Holdings Plc named Niall Booker as chief executive officer of its North American unit, replacing Brendan McDonagh who is retiring after more than 30 years with the bank.

Booker, 51, currently deputy CEO of North America and head of HSBC Finance, is promoted immediately and joins the group management board on Aug. 1, the London-based bank said today in a statement.

“The combination of Niall’s four U.S. postings during his HSBC career to date and his international experience mean that he is Brendan’s obvious successor,” said HSBC CEO Michael Geoghegan in the statement.

HSBC’s U.S. unit posted its first profit in three years in the first quarter, as bad loan provisions declined at HSBC Finance, formerly known as Household International. The bank has recorded more than $58 billion in provisions for bad loans in North America since it bought subprime lender Household for $15.5 billion in 2003.

Booker joined the bank in 1981 and has also served as CEO of HSBC Middle East and the bank’s operation in India. McDonagh, also 51, joined the bank in September 1979 and has worked in Europe, Asia and the Middle East. He has worked in the U.S. since 2002, the bank said.

To contact the reporter on this story: Jon Menon in London at jmenon1@bloomberg.net

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