HSBC to launch sustainable finance unit
(9 December 2016 – Europe) HSBC plans to launch a unit within its global banking and markets division to focus on sustainable finance.
Reports say a memo sent to staff on 8 December from HSBC's chief executive of global banking and markets, Samir Assaf, indicate the sustainable finance unit will operate out of London, with resources in New York and Hong Kong.
It unit will be headed by Christian Deseglise, global head of central banks, and Michael Ellam, co-head of public sector, both of whom will keep their existing roles.
The pair will report to Andre Brandao, who chairs the bank's climate business council and is the global banking and markets chief executive for Europe, Middle East & Africa, global head of markets Thibaut de Roux, and co-heads of global banking Robin Phillips and Matthew Westerman for the new initiative.
According to several media reports, Assaf said in the memo: "The unit will act as a central point of coordination. Business lines will remain responsible for product development and delivery, as well as client coverage. The new unit will provide support to coverage and advisory bankers to develop content, work with product teams on product development and with Global Markets to help them mobilise sources of sustainable finance."
Assaf added that Deseglise and Ellam would also form a business development working group with "product and sector 'champions'" to drive the new project, with individuals in the group to be named at a later date.
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