HSBC appoints new head of commercial banking for Australia
(3 August 2016 – Australia) HSBC has announced the appointment of Steve Hughes as Head of Commercial Banking, Australia.
Hughes, who takes over the role from James Hogan, will be responsible for the growth of HSBC’s Commercial Banking business in Australia, assisting Australian corporates and mid-market organisations with their international ambitions and helping international companies access attractive growth opportunities in Australia.
Based in Sydney, he will report locally to Tony Cripps, Chief Executive for Australia and regionally to Stuart Tait, Regional Head of Commercial Banking Asia-Pacific.
Hughes joined the London-based bank in March 2015 as Country Head of Corporate Banking, having previously held roles with The Royal Bank of Scotland in London and Sydney.
Speaking of the appointment, Cripps said: “As Australia’s economic relationship with China evolves and new trade and investment opportunities open up across markets such as ASEAN, our commercial banking team is becoming increasingly relevant to companies looking to connect to cross-border opportunities.
“Under Steve’s leadership, we will continue to focus on offering clients access to our international network and the financing they need to compete globally, including access to capital markets, working capital and liquidity solutions, and trade and supply chain finance,” he said.
According to a statement provided by the bank, Australian businesses exporting to China are benefiting from that country’s growth to a service based economy, and the recent China-Australia Free Trade Agreement – which sees more than 86 percent of Australian goods exports entering China duty free, rising to 94 percent in January 2019 and 96 percent in January 2029.
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