Glynn headed HSBC of USA
HSBC Bank Canada president Martin Glynn
will leave the bank to become the new president and chief executive officer of
HSBC Bank USA in New York, effective next month.
Lindsay Gordon, currently chief operating
officer of HSBC Bank Canada, will become the new president of the
The moves are part of a series of executive
appointments announced Friday by the global HSBC organization.
Glynn, 51, has headed HSBC Bank Canada
since December 1999 and said he is proud of the way the bank dealt with some
difficult economic circumstances in recent years, with a slowing North
American economy and corporate-governance scandals at companies such as Enron.
"There were some stormy waters over
the past couple of years and we weathered those situations relatively well and
maintained the upward momentum of the bank," he said in an interview.
HSBC Bank Canada, the largest foreign-owned
bank in Canada, reported record earnings of $260 million last year and posted
earnings of $146 million for the first six months of 2003. The bank has more
than 160 offices across Canada and more than $36 billion in total assets.
Glynn said HSBC has more than 50,000
employees in North America and his mandate in New York is to grow the business
as much as possible.
HSBC Bank USA has more than 400 branches in
New York state and another 33 branches in Florida, Pennsylvania, California,
Washington state, Oregon and Panama. The bank reported net earnings of $527
million US during the first six months this year and total assets of $93
Glynn will succeed Youssef Nasr, 48, as
head of HSBC's U.S. operations. Nasr, who formerly headed HSBC Bank Canada,
becomes the new president of HSBC Bank Brasil.
Current HSBC Bank Brasil president Michael
Geoghegan, 49, will become the new chief executive officer of the U.K.-based
parent company -- HSBC Bank plc -- when he replaces William Dalton in January.
Dalton, a 59-year-old Vancouver native and
former head of HSBC Bank Canada, will retire next year.
Gordon, 51, will move to Vancouver from
Toronto to become the new HSBC Bank Canada president next month. He joined the
organization in 1987 and has held a variety of senior positions in both
cities, spending the past four years as chief operating officer.
- by Bruce Constantineau Vancouver Sun 27
Martin Glynn has been named chief operating
officer of HSBC North America Inc., making him the most senior of the bank's
executives resident in Canada.
Glynn, based in Vancouver, will continue as
president and chief executive officer of HSBC Bank Canada and now will have
added responsibility for the North American commercial and retail banking,
insurance, and corporate and institutional banking businesses of HSBC.
Glynn, who holds a BA from Carleton
University and an MBA from University of B.C., has enjoyed a successful climb
through the bank's executive ranks since joining joined HSBC in 1982.
After holding several executive positions
he was named president and chief executive officer of HSBC Bank Canada,
headquartered in Vancouver in 1999.
He also serves as a director of HSBC Bank
Canada, HSBC Bank USA, Wells Fargo HSBC Trade Bank, NA , Husky Energy Inc. and
is chairman of HSBC Canadian Direct Insurance Inc.
Glynn also plays a prominent public role
outside of the bank. He is a governor of UBC and a director and immediate past
chair of the Canadian Chamber of Commerce.
HSBC North America Inc. is a subsidiary of
HSBC Holdings plc, which is headquartered in London and is one of the largest
banking and financial institutions in the world.
It has over 7,000 offices in 81 countries
and territories and assets of $696 billion US.
In North America it has three principal
subsidiaries: HSBC Bank Canada, HSBC USA Inc. and hsbc.com. -
by Ashley Ford
Province 12 March 2002
HSBC to create cross-border bank
Vancouver-based HSBC Bank Canada and HSBC
USA Inc. will join forces to create a North American banking operation that
will strive to become the continent's premier cross-border bank, HSBC Bank
Canada president Martin Glynn said Friday.
The two banks remain separate entities but
will work together under a holding company that owns the U.S. and Canadian
operations -- HSBC North America Inc.
Glynn becomes chief operating officer of
HSBC North America, responsible for North American commercial and retail
banking, insurance and corporate and institutional banking. He remains
president of HSBC Bank Canada, based in Vancouver.
He said HSBC's 430 U.S. branches and other
"customer-facing" businesses will report to him.
Glynn will report to HSBC North America
chief executive Youssef Nasr, who also remains chief executive of HSBC USA.
"This is not about retrenchment in any
way," Glynn said in an interview. "It's all about growing and being
able to take advantage of each other's strengths."
HSBC USA has $140 billion in assets and 430
branches, mainly in New York state. HSBC Bank Canada has $34 billion in assets
and 118 branches across Canada.
"Customers want a seamless North
American delivery of services because they consider it one economy,"
Glynn said. "That requires a North American platform."
He also said joining forces will help the
two organizations achieve certain economies of scale, while providing more
opportunities for career development for bank employees.
"The two banks will grow together
faster than we could have on our own," Glynn said.
He said the new North American alignment is
not the first step towards the creation of one North American bank that would
replace the existing banks. So there will be no HSBC North America brand and
no HSBC North America branches. by Bruce Constantineau
9 March 2002