LONDON (Reuters) - Europe’s biggest bank HSBC has named a new chief executive for its private banking arm to take over from Krishna Patel who is resigning from the role he has had since September 2011.
Peter Boyles, the bank’s chief executive officer for Continental Europe since 2010, was on Wednesday named by the bank as the new head of HSBC Private Bank.
Patel, 63, has worked at HSBC for 28 years and will leave at the end of January following a transition period, the bank said.
Since taking over from London- and Hong Kong-based Chris Meares last year, Patel has worked from Geneva and a spokesman at HSBC said Boyles, currently in Paris, will also carry out the role from Switzerland.
HSBC’s top end personal banking businesses have had a torrid time in recent years following embarrassing data leaks that have prompted probes into the tax affairs of some HSBC Swiss account holders in a number of European jurisdictions.
Last month financial regulators on the British tax haven Jersey said they were launching a probe into HSBC’s anti money laundering controls following reports based on leaked account data.
The HSBC spokesman said the management change was not related to the data leaks.
Reporting by Chris Vellacott; Editing by Steve Slater