HSBC Bangladesh names first local CEO
The Hongkong and Shanghai Banking Corporation (HSBC) yesterday announced Md Mahbub ur Rahman as its next chief executive officer for its local operations, becoming the first Bangladeshi to helm the position.
The decision will come into effect from April 5 and he would succeed Francois de Maricourt, who will be moving on to a new role, the bank said in a statement.
Rahman is set to be one of a small group of Bangladeshis who held top positions at global banks' operations in the country.
In 1997, Muhammad A (Rumee) Ali became the first Bangladeshi to become the CEO of a foreign bank's Bangladesh operations when he was appointed at the pole position of Standard Chartered Bangladesh.
Later, Abrar A Anwar held the position and Naser Ezaz Bijoy replaced him in November 2017.
Mamun Rashid was the first CEO of Citibank N.A. Bangladesh. Khondoker Rashed Maqsood was also the CEO of the US bank's local operations.
In his new role, Rahman will be leading HSBC's next phase of growth ambitions as it solidifies its position as one of the leading international banks in Bangladesh, with strong leadership in trade finance, the bank said.
Rahman joined HSBC in 2002 and was previously deputy chief executive officer as well as head of wholesale banking in Bangladesh. Prior to this, he led HSBC's commercial banking business in Malaysia.
He started his career with Standard Chartered Bangladesh.
"I am delighted that Mahbub will be leading our growing Bangladesh business," said Matthew Lobner, head of international and strategy and planning of HSBC for Asia-Pacific, in the statement.
His depth of local and international experience, collaborative approach and strong leadership credentials will be key assets in strengthening our strategic positioning and pursuing our growth strategy in the country.
"I would also like to thank Francois de Maricourt for his leadership and significant contribution to the strong growth of our Bangladesh business during his five-years at the helm," Lobner added.
An MBA from the Kellogg-HKUST, a joint programme of the Kellogg School of Management and Hong Kong University of Science and Technology, Rahman has bachelor and master's degrees in finance from the University of Dhaka.
He joined HSBC in 2002 and during his 18 years with the bank, he led the business playing to its strength and positioned HSBC as one of the leading international bank in Bangladesh with strong leadership in trade.
With over two decades of experience in commercial banking, he has diverse experience in various leadership roles both in international financial institutions and local private sector of Bangladesh.
HSBC Bangladesh's profits soared 16 per cent last year on the back of higher interest income, although its parent company's tumbled. The local operations of the London-based Asia-focused international bank's profit-after-tax stood at Tk 491 crore, up from Tk 445 crore a year earlier.
The British lender opened its first branch in Bangladesh in 1996. It offers a range of financial services, including commercial banking, consumer banking, global liquidity and cash management, trade services, treasury, and custody and clearing.
Currently, HSBC Bangladesh operates in both the major commercial hubs of Dhaka and Chattogram and has presence in all eight export processing zones.
HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and the Middle East and North Africa.
With assets of $2,715 billion as of 2019, HSBC is one of the world's largest banking and financial services organisations.