HSBC Hires Former MP Danny Alexander to Kick off New Infrastructure Team — Financial News
By Paul Clarke
Of Financial News
HSBC has recruited former Liberal Democrat politician Danny Alexander to lead its new infrastructure finance division, which the U.K. lender has earmarked for growth.
Alexander, the former chief secretary to the Treasury who left politics in 2015, has been hired as chief executive of HSBC Infrastructure Finance, according to a memo seen by Financial News.
The new business line at HSBC will sit within its global banking business, and will look to focus on infrastructure financing and project finance advisory, the memo said.
Alexander, who was also secretary of state for Scotland under the coalition government of the Conservatives and Liberal Democrats, was most recently vice president for policy and strategy at the Asian Infrastructure Investment Bank.
"Working closely with bankers in both [the commercial bank], and [global banking], HSBC Infrastructure Finance will facilitate deployment of HSBC's balance sheet, including through the net-zero portfolio, supporting project development in partnership with clients," the memo said.
"There will also be dedicated second line infrastructure risk expertise alongside the build out of our first line teams."
Senior HSBC dealmakers Alexi Chan and James Dynon were involved in coming up with the business plan for the new unit, the memo from the U.K. lender's chief executive of global banking and markets Greg Guyett said.
The pair have been named interim chief executives of the infrastructure unit until Alexander's arrival. He will join HSBC's global banking and markets executive committee.
HSBC is planning around 200 hires across its investment banking and infrastructure unit over the next two years, Guyett told FN in an April interview.
The U.K. lender has also expanded its coverage teams within its investment banking unit. The larger focus is more reflective of Wall Street banks, which have grown the scope of traditional industry focused teams to capture macro trends shaping dealmaking.
Financial News is owned by News Corp, the parent company of The Wall Street Journal and Dow Jones Newswires.
Write to Paul Clarke at paul.clarke@dowjones.com
Website: www.fnlondon.com
(END) Dow Jones Newswires
July 16, 2024 05:31 ET (09:31 GMT)
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