HSBC Said to Appoint Mark Stadler as CEO of Russian Division

HSBC Holdings Plc (HSBA), Europe’s largest bank, named Mark Stadler as chief executive officer of its Russian unit, succeeding Huseyin Ozkaya, two people with knowledge of the decision said.

Stadler, 51, moved to London from Dubai to run the private banking unit in the U.K. this year and was previously global market head of HSBC Private Bank in the Middle East and North Africa. He will start in two weeks, one of the people said.

HSBC, based in London, also named Chris Allen as CEO of U.K. Private Banking, starting next month, the people said, declining to be identified as the details aren’t public. Allen has been HSBC Alternative Investments Ltd. CEO since 2010, according to the bank’s website.

Both appointments are subject to regulatory approval, the people said. A spokesman for HSBC in London declined to comment on the appointments.

Ozkaya left HSBC in Aril to join Lebanon’s Bank Audi Sal- Audi Saradar Group in Turkey. Calls to Ozkaya at Bank Audi weren’t immediately returned.

He joined Midland Bank in Turkey in 1991 as a marketing manager. Midland was purchased by HSBC a year later. In 2001, he helped the bank buy Turkey’s Demirbank TAS, according to HSBC’s website. He moved to Russia in 2010.

HSBC, which generates most of its profit in Asia, is part way through a plan to sell unprofitable and underperforming assets. It sold part of its Russian consumer banking unit to Citigroup Inc. in June to focus on corporate clients. Six months later, it sold its Japanese private-banking business to Credit Suisse Group AG. In July, it sold almost half its U.S. branches to First Niagara Financial Group Inc. (FNFG) for about $900 million.

To contact the reporters on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net; Howard Mustoe in London at hmustoe@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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