HSBC Loses CEO of Private Bank Investment Group

Stephen Harris

13 October 2006

HSBC Private Bank has announced that Geneva-based Gabriel Perahia has decided to step down from his position as chief executive officer for the Private Bank Investment Group, as of 1 November 2006. Mr Perahia joined HSBC over 12 years ago, first as a member of the general management and the executive committee of Republic National Bank of New York. After HSBC's acquisition of RNB he became the head of HSBC Group Private Banking investment products and services. Clive Bannister, chief executive offcer of HSBC Private Bank, said: “Gabriel's contribution to the success of HSBC Private Bank globally has been substantial, both in terms of revenues and reputation. “Over a relatively short period of time, Gabriel has been able to establish HSBC Private Bank among the top providers of investment products and Services worldwide. The team of international professionals he has put together and the comprehensive range of products which has been developed over the years allows GPB today to successfully compete with all the major institutions in the private banking field; most notably, our Alternative Investment Group and our hedge fund business have become a centre of reference and excellence, not just in the HSBC Group but in the whole industry. He takes with him our gratitude for a job extremely well done." “With effect from 1 November 2006, Nigel Webber will become chief investment officer for HSBC Private Bank. Nigel, who is currently based in HSBC Private Bank's offices in Hong Kong, will remain there until next year when he will be moving back to Europe. Nigel has over 25 years of experience in investment management with HSBC Private Bank, Republic National Bank of New York, Crosby Asset Management and Citigroup. For the last few years, he has been responsible for the external managers' group which ensures HSBC Private Bank's clients have access to 'best in breed' products.”