HSBC is shifting a senior dealmaker from Asia to the UK to focus on developing closer links between its investment bank and key clients within its commercial banking unit.
James Horsburgh, who has been leading HSBC’s leveraged and acquisition finance business in Asia-Pacific for the past four years, has been named as a managing director within its advisory and investment bank coverage unit for the UK and International Europe, according to an internal memo seen by Financial News.
HSBC has been developing closer links between its large commercial bank and its investment banking unit in a bid to gain more business in the mid-market and gain a larger share of so-called event deals including M&A and equity capital markets.
Horsburgh moves into a newly-created role covering key corporate and financial institutions clients in the UK and Europe, and taking on responsibility for commercial banking clients in the UK.
In the build up to HSBC’s strategic overhaul announced in February 2020, which will eventually see around 35,000 jobs lost as the bank refocuses on core business lines, there was speculation that the bank would merge its commercial and global banking businesses. It stopped short of this, however, instead opting to merge the middle and back office functions and also develop closer links between senior bankers in the two units to win more deals.
“The UK is a key strategic market for our investment banking activities with a significant opportunity to increase market share and grow revenues,” the memo said.
Horsburgh will report into Julian Wentzel, head of global banking, UK and International Europe, and will be backed up by dealmakers within its advisory and investment bank coverage unit. He will also have accountability to Alexi Chan and Ray Doody, co-heads of capital markets. The three signed the memo announcing the appointment, along with Adam Bagshaw, global co-head of advisory and investment banking coverage.
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