The business on: Michael Geoghegan, Chief executive, HSBC
Tuesday 24 August 2010
So he's globetrotting again?
Yup. HSBC's chief executive treated reporters to a lengthy lecture on what a wonderful job HSBC did in all the diverse territories in which he has worked during one of his first results presentations. He'd like to add South Africa to any future presentations he gives about the businesses of the "World's Local Bank".
So what's he up to out there?
Trying to get his hands on a controlling stake in Nedbank. Africa is a notable gap in HSBC's portfolio. While it has some operations there (it has some operations just about everywhere), they don't amount to much. Nedbank would make HSBC a force to be reckoned with on a continent which may yet confound the sceptics and show some impressive economic growth over the coming years.
Is it a done deal?
Well, HSBC's in exclusive talks to take control of the bank, whose majority owner is currently the insurer Old Mutual. It has decided that it has had enough of this banking lark (Nedbank's not been without its problems). Mr Geoghegan, who likes to tell people that Asia is the future at every conceivable opportunity, would dearly like to grab a piece of the rapidly increasing trade flows between it and Africa.
So what's the problem?
The South African regulators have already said they are going to take a very close look at any deal. Mr Geoghegan is very much a traditional banker, when compared to his ascetic and intellectual chairman Stephen Green. While he's the combative type, however, he's not without a certain charm. He's going to need it to convince them that HSBC's plans are good for a country that wants to ensure the black majority, shut out of commercial life under apartheid, gets a bigger stake in business
Why's that an issue for HSBC?
Maybe it's just us, but take a look at the executive directors who run a company whose name is derived from "Hong Kong and Shanghai Banking Corporation". They are all the same as Mr Geoghegan: white, middle-aged and male.
- 2 Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
- 5 Amal Clooney gives excellent answer to fashion question at European Court of Human Rights
Mystery man who gave mum heart-warming note on train 'wanted to put a smile on her face'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Mafia's wall of silence broken: Victim of Cosa Nostra's extortion rackets in its Corleone heartland co-operates with authorities for the first time ever
Amal Clooney gives excellent answer to fashion question at European Court of Human Rights
Sir David Attenborough interview: The one question about life that still baffles him
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
Louise Mensch says 'F**K YOU' in explosive tweets about David Cameron, Saudi Embassy and the Queen over King Abdullah tributes
iJobs Money & Business
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...