HSBC Appoints Interim Chair Brendan Nelson as Permanent Chairman

HSBC has named veteran accountant Brendan Nelson as its permanent group chairman. The bank announced the appointment in a filing to the Hong Kong stock exchange on Wednesday. Nelson, 75, has served as interim chairman since October 1. He replaces Mark Tucker, who left to become non-executive chairman of insurer AIA. The move surprised market observers. It came just one day after HSBC's Chief Executive, Georges Elhedery, publicly stated that Nelson was not a candidate for the permanent role. Elhedery made the comment at a global banking summit in London. HSBC is Europe's largest bank and the biggest lender in Hong Kong. The leadership decision comes as the bank continues to focus on expanding its business in Asia.