HSBC appoints new CFO for Asia Pacific

The Hongkong and Shanghai Banking Corporation Limited has appointed Sarah Legg as its new Chief Financial Officer, effective 3 December 2010. She succeeds Iain Mackay, who will transfer to London in December to become Group Finance Director, HSBC Holdings plc.

Legg is currently Chief Accounting Officer for Asia Pacific, with responsibility for overseeing 2,000 finance staff across 22 countries and territories in the region.

Peter Wong, Chief Executive Officer of HSBC Asia Pacific, said: “Sarah came to Asia when the region began to emerge as one of the world’s fastest growing and most dynamic economic regions. While Asia has fared well compared with developed markets during the current financial crisis, recent financial markets restructuring has not left the region untouched. Sarah’s experience in preparing and implementing international financial regulatory changes, including Sarbanes Oxley compliance and Basel II disclosure, across Group operations in Asia will be invaluable.

“I also wish to thank Iain for his invaluable contributions as CFO during his time in Asia.

Under his financial management, Asia has continued to expand and is now the major driver of the Group’s growth strategy and profitability. We congratulate him on his move to London to become our Group Finance Director.”

Legg joined HSBC in 1991 and has largely worked in the Group’s UK operations in various finance roles including Financial Controller for Group Treasury and Head of Finance Transformation. She took up her current role as Chief Accounting Officer for Asia Pacific in September 2006.