HSBC has parted company with its chief executive of 18 months, John Flint, despite crediting his tenure for a surge in half-year profits
, which said its profits had been boosted by the merger of the Saudi British Bank and Alawwal bank, HSBC said its bottom line benefited to the tune of £681m because of its interest in SBB.
HSBC's Asia-traded shares were down 1.5% on its announcements as it maintained a flat dividend but said it intended to mount a fresh share buy-back shortly of up to $1bn. The statement said:"The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets."
The HSBC lifer said:"I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank."After almost 30 years with HSBC, I will be sad to leave but I do so looking forward to a new personal challenge, and confident that our people will continue to serve the bank's stakeholders in the best possible way."
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