About three months ago, the British lender had signalled that Tucker would make his final exit once a permanent chair is named. In a statement on Sept 26, it said he would remain as a strategic adviser “while the process to identify his permanent successor” was underway. Nelson was confirmed as the new chair in December.
HSBC’s decision on Tucker comes as it wraps up a US$14 billion ($18.04 billion) takeover of Hang Seng Bank Ltd, which marks the bank’s biggest acquisition in more than a decade. Keeping its old chairman on as an adviser comes despite Tucker recently taking on the chairmanship of AIA Group Ltd, the Hong Kong-based insurance group that he once ran as its CEO.
AIA is a direct competitor to HSBC in several markets, including in wealth management services in Hong Kong and mainland China. Asked about the potential conflict of interest presented by Tucker’s dual role, a representative of AIA said his external engagements are “appropriately governed, fully disclosed and do not impact his responsibilities or time commitment to AIA”.
A spokesperson for HSBC said Tucker “remains an adviser to the HSBC board and group CEO in line with all appropriate governance and disclosure requirements”.
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Before he was named as Tucker’s successor, Nelson had been appointed as the interim chair of HSBC to help oversee the transition as the lender launched a global hunt for the right candidate. Shortly after, he decided to enter the fray himself as an aspirant for the role.
During his eight-year tenure as the chairman, Tucker became known for his hands-on-style leadership that saw him preside over the appointment of three CEOs, including the current chief Georges Elhedery. He has also overseen a strategic business reset involving a pivot towards Asia that saw billions of dollars in investment move to the East from the West.
As well as his continuing work for HSBC and his chairmanship role at AIA, Tucker is also the chairman of South African insurance group Discovery Ltd, where he has been on the board since 2019.
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