HSBC’s Julius Said to Step Down as Asia-Pacific Banking HeadCathy Chan
Russell Julius, HSBC Holdings Plc’s head of banking for the Asia-Pacific region, is stepping down from his role and relocating to London, according to two people with knowledge of the matter.
Liu Che-Ning, currently head of banking for Hong Kong, China and Taiwan, will be named co-head of Asia-Pacific banking, the people said, who asked not to be identified because the moves weren’t public. Gareth Hewett, a Hong Kong-based spokesman for HSBC, declined to comment.
Liu’s promotion comes after HSBC gained market share in Chinese overseas stock underwriting in the past four years. The London-based bank was ranked sixth advising on Chinese overseas equity and equity-linked transactions last year, jumping from 10th in 2012 and 16th in 2009, the year Liu joined the firm, data compiled by Bloomberg show.
Julius is leaving a role he took over from Frank Slevin four years ago and will be starting a team that will offer investment-banking services to commercial-banking customers, one of the people said. Liu, a former managing director with Morgan Stanley, joined HSBC in October 2009.
HSBC also hired Jason Rynbeck, the former Asia-Pacific vice-chairman for mergers and acquisitions at Barclays Plc, as head of mergers and acquisitions in the region, two people with knowledge of the matter said today. George Davidson, the current Asia-Pacific head of M&A, will become vice chairman of M&A in the region, one of the people said.
Julius and Davidson declined to comment when reached by phone. Rynbeck, who will start at HSBC in August, didn’t answer calls to his mobile phone.
Pretax profit at HSBC’s global banking and markets units, which house the firm’s investment-banking activities, dropped less than its peers in the first quarter, declining 20 percent to $2.87 billion from the year-earlier period as income from its currencies and rates operations contracted.