U.S. Markets close in 6 hrs 24 mins

HSBC appoints insurer AIA's Tucker as chairman

AIA Group Chief Executive and President Mark Tucker poses during a news conference on the company's annual results in Hong Kong, China February 24, 2017. REUTERS/Bobby Yip

HONG KONG (Reuters) - Europe's biggest bank HSBC Holdings Plc (HSBA.L) on Monday said AIA Group Ltd (1299.HK) Chief Executive Mark Tucker had been appointed as its chairman, replacing Douglas Flint.

Tucker would take over responsibility for identifying a successor to HSBC Chief Executive Stuart Gulliver, a process expected to conclude in 2018, the bank said in a statement.

Tucker would take over as group chairman designate from Sept. 1 and as non-executive group chairman on Oct. 1.

Flint and Gulliver's departure from HSBC after six years will end one of the longest-serving management partnerships at a major global bank.

The pair slashed over 43,000 jobs and sold assets worldwide as they attempted to shrink the bank back to profitability amid a tougher than expected environment for global banks.

HSBC, with its more than $1.2 trillion in customer deposits, has suffered more than most lenders from low global interest rates since the 2008 financial crisis that has made investing those deposits profitably difficult.

In a separate statement, AIA said Ng Keng Hooi, its regional chief executive will succeed Tucker from Sept. 1.

(Reporting by Sumeet Chatterjee in Hong Kong and Anusha Ravindranath in Bengaluru; Editing by Sandra Maler and Stephen Coates)