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HSBC sets out new structure for private bank in Europe

Reuters  |  LONDON 

(Reuters) - said on Monday it would create a single regional structure for its in which includes its businesses in the UK, Channel Islands, France, Germany, and

The new structure, which will be called Global Private Banking, EMEA, will be led by Chris Allen, who has been appointed regional head of global private

"This will create a regional private business that is more integrated, strategically aligned and well positioned to deliver continued growth for Private Banking," the said in a statement.

The move comes ahead of HSBC's annual shareholder meeting on Friday - the first under new Mark Tucker, who joined last October, and John Flint, who joined in February.

Tucker, who has already spearheaded an initiative to streamline the bank's board, and Flint gave their first hints of what strategy they would pursue at an presentation earlier this month, outlining a plan to cut internal bureaucracy and expand investment in

Allen's current role as of HSBC's in the UK will be taken by Charles Boulton, who has held a number of senior roles in the bank, said.

Meanwhile, Franco Morra, of HSBC's in Switzerland, will leave the with a permanent replacement to be decided in the coming months. Christophe Guillemot, CFO of global private banking, will take up the position on an interim basis.

HSBC's global private business accounted for just over 3 percent of the bank's adjusted global revenues in 2017, according to HSBC's annual report for that year.

(Reporting by Editing by Jane Merriman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 17:35 IST