LONDON, May 21 (IFR) - HSBC has carved out its public sector banking franchise out of FIG as it seeks to capitalise on future potential growth of the sector.
HSBC overhauled its global banking and markets (GBM) business in the summer of last year, creating a new division to span all client coverage in a bid to re-energise its investment banking presence. Public sector, which is run by Allegra Berman, was part of that effort, but within the FIG business.
Berman, who joined the bank as global head of public sector banking last summer and was reporting to Brian Heyworth, global head of FIG, will now report to Robin Phillips, global head of banking.
“This decision emphasises the critical strategic importance of this client base to GBM and the growth potential we have identified,” Phillips said in an internal memo. (Reporting by Helene Durand, Editing by Julian Baker)