HSBC names new CFO for Asia-Pacific

The Hongkong and Shanghai Banking Corporation has appointed Iain Mackay, 47, chief financial officer to replace Edgar Ancona. Mackay's new job, which becomes effective September 1, makes him the CFO for all of HSBC's Asia-Pacific operations.

Mackay and Ancona will effectively do a job swap as Ancona moves to the US to become CFO of HSBC's North American operations.

Mackay joined HSBC in July 2007 in the position of CFO for North America and at the level of senior executive vice-president. He was put in charge of all aspects of financial management for HSBC in the US and Canada. Mackay has also been closely involved in the restructuring of HSBC's consumer finance divisions in North America.

Mackay joined HSBC from General Electric in the US where he spent 11 years, most recently as CFO of GE Healthcare's global diagnostic imaging division.

Ancona became CFO of HSBC Asia-Pacific, based in Hong Kong, in April 2006. In that role he has been overseeing a team of 1,950 professionals in 20 countries and territories across Asia. Ancona's new job sees him return to the US where he was earlier treasurer of HSBC Finance Corporation.

"With the emerging markets of Asia an increasing component of the group's growth strategy and profitability, we welcome [Mackay's] contribution as we continue to drive for growth and expansion in the region," Sandy Flockhart, chief executive officer of HSBC for Asia-Pacific, said in a written statement in which he also thanked Ancona for his contribution while in Asia.