HSBC to transfer local staff to new firm

Business | Dominique Nguy 3 Aug 2017

HSBC (0005) will reportedly establish a new company and plans to transfer staff from its global, operation, services and technology departments in Hong Kong to the new company in the first half of next year.

The bank explained in an internal notice to staff that the new structure is to meet the requirements of regulatory bodies towards big banks.

The bank also said in the notice that the new structure will work to ensure the company's banking business will remain in operation even if one of its operation faces financial problems.

Bank of Communications (3328) said in a filing to the Hong Kong stock exchange that its chairman Niu Ximing was stepping down for health reasons.

Peng Chun, vice chairman of the bank, will temporarily perform Hiu's duties.

Meanwhile, Hong Kong Exchanges and Clearing (0388) said Iain Greig stepped down yesterday from his post as chief operating officer of LME Clear Limited, a unit of London Metal Exchange.

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