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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)