HSBC announced yesterday that Matthew Cannon has become the bank's new treasurer and head of global markets in Korea. His responsibilities include foreign exchange and money markets, as well as fixed income and derivatives trading and sales. Cannon has around 30 people reporting to him.
He replaces Dong Jin Lee as treasurer, while Paul Skelton, who was previously head of global banking and markets in Korea, becomes head of client management for Asia-Pacific. All appointments are effective from last month.
Cannon reports directly to Simon Cooper, group general manager, president and chief executive officer of HSBC Korea, and has a functional reporting line to the Hong Kong-based Gordon French, managing director for sales and regional treasury management, global markets, Asia-Pacific.
Commenting on Cannon's appointment, Anita Fung, group general manager, treasurer and head of global markets, Asia-Pacific, says: "Matthew brings a wealth of global markets experience, most recently having run HSBC's structured credit business for Asia-Pacific. We are delighted about his promotion and are confident that he will further develop our already successful global markets franchise in Korea."
Cannon, who has a degree in Economics with Statistics from Bristol University, has been with HSBC for more than 15 years, and worked in various places including Hong Kong, London, New York and Tokyo. He was previously head of structured credit products, Asia-Pacific, based in Hong Kong and prior to that was head of structured credit product marketing for Europe, the Middle East and Africa. Jacob Hoare will now step up to become head of structured credit products in the region, having been head of trading.
HSBC Global Markets boasts a full range of foreign exchange, interest rate investment and risk management products and services to financial institutions and corporate clients in Korea. It also offers treasury services to a range of Korean clients and foreign corporations operating in Korea.
Cooper says: "HSBC's presence in Korea enables local clients to access a full range of products and services across Asia and other regions via its strong international network. We continue to focus on Korea as a key market for HSBC in general and for global banking and markets in particular. The appointment of Matthew demonstrates our commitment to this business."
HSBC had been making a play to buy Korea Exchange Bank from US private equity firm, Lone Star, which had purchased the Korean bank during the country's recovery from the Asian financial crisis of 1997/98. But, last summer, HSBC finally gave up on the controversial pursuit.