HSBC has unexpectedly appointed Brendan Nelson as its next chair, opting for an internal candidate to succeed Mark Tucker. Nelson, a British banker and not the former Australian politician, had been serving as interim group chair since October 1. The London-headquartered bank said the decision followed a process that considered both internal and external candidates. HSBC is one of the world’s largest banking and financial services organisations, serving millions of customers worldwide through its global businesses. The bank provides a wide range of financial services, including commercial banking, investment banking, and wealth management.
Nelson, aged 76, joined the HSBC board in September 2023. His appointment comes after the lender reportedly struggled to find a suitable external candidate. Previous contenders for the role included former politician George Osborne and financiers such as Kevin Sneader and Richard Gnodde.
Nelson brings extensive experience in the world of British boardrooms. He previously served on the boards of BP and NatWest. An accountant by background, Nelson spent more than 25 years at KPMG. During his tenure with KPMG, he held positions such as global chairman of banking and global chairman of financial services.
He steps into the role as HSBC continues to navigate the complexities of the global financial landscape. His experience is expected to provide steady leadership for the bank. Nelson’s deep understanding of the financial services sector positions him well to guide HSBC in its future endeavours.
