HSBC appoints Brendan Nelson as group chairman

Brendan Nelson has been appointed group chair of HSBC, the banking giant said.

Mr Nelson, who previously worked at KPMG and has also served on the boards of BP and the Royal Bank of Scotland, joined HSBC’s board in 2023 and has been acting as interim chair since October this year.

The bank said Mr Nelson had been appointed following “a robust process that considered both internal and external candidates”.

Previous chair Sir Mark Tucker stepped down at the end of September to take up the same post at Hong Kong-based insurer AIA.

It was announced in May that Sir Mark would retire by the end of 2025, ending an eight-year tenure at the helm of the bank’s board.

His departure came after AIA confirmed his appointment as non-executive chairman on October 1 – a move that saw him return to the group he led as chief executive for seven years until 2017.

HSBC senior independent director Ann Godbehere said: “On behalf of the board, I am delighted with Brendan’s appointment as our group chair.

“Since assuming the role of interim group chair, Brendan has demonstrated his excellent leadership capabilities backed by his strong banking and governing credentials.”

HSBC said that Mr Nelson would remain as chairman of the group audit committee until the publication of 2025’s results in February 2026.

The firm is undergoing a major overhaul as it seeks to slash costs by 1.5 billion US dollars (£1.1 billion) by the end of next year.

HSBC has also faced mounting pressure from one of its biggest shareholders, Chinese insurer Ping An, in recent years to split the bank in two and create a separate Asia-headquartered business.

A plan to break up the bank was rejected by shareholders last year, but the restructuring announcement initially prompted some speculation that it could eventually fracture.