Muscat, 12 October 2013 - HSBC Bank Oman S.A.O.G. announces the appointment of David Eldon as Chairman of the Bank following a recent meeting of the Board of Directors. This change was prompted by the move of outgoing Chairman, Simon Cooper, who is taking on a new role as Group Managing Director and Chief Executive, Global Commercial Banking, HSBC Group and will be based in London.
Upon leaving his position as Chairman, Simon Cooper said, "It has been a privilege to serve HSBC Bank Oman through a pivotal period in its history, which has seen it transform into one of the leading banks in Oman. I am confident that under David Eldon's chairmanship, with his long-standing experience in the global financial services industry, the Bank will continue to prosper."
David Eldon said, "I am delighted to take on the role of Chairman for HSBC Bank Oman. Having started my HSBC career with The British Bank of the Middle East, during which I also spent time in the Sultanate of Oman, it is a country for which I have a great deal of warmth and affection. The HSBC Group has been in Oman for over 65 years. Its investment in the country and its people remain as important as ever and we are committed to our role in the development and support of the local financial industry."
He added, "Generating solid shareholder returns through delivery of exceptional customer service remains our core strategy. The Board and management team are absolutely focused on this as we continue on our journey to become the leading bank in Oman."
Eldon brings nearly 50 years of banking experience mostly within the HSBC Group, starting his career in HSBC Bank Middle East in 1968, and serving in the United Arab Emirates, Oman, Bahrain, Saudi Arabia and Yemen. In 1984, he was appointed Deputy Managing Director of the Saudi British Bank (SABB). In 1988, he became Chief Executive Officer of HSBC Malaysia and also held various senior roles in Hong Kong, including General Manager in The Hongkong and Shanghai Banking Corporation's International department. Eldon then rose to become Chief Executive Officer of HSBC Asia Pacific in 1996 and then its Chairman in 1999.
In addition to his new role as Chairman of HSBC Bank Oman, Eldon is Senior Advisor to PricewaterhouseCoopers (PWC) in Hong Kong and Senior Independent Director of the Noble Group. He was also Advisor to the previous President of South Korea and a former Chairman of the Hong Kong General Chamber of Commerce.
He is a Fellow of the Chartered Institute of Bankers, a Justice of the Peace and was bestowed an Honorary Doctorate of Business Administration by the City University of Hong Kong. His awards and accolades include Hong Kong Business Person of the Year in 2003, the Gold Bauhinia Star from the Government of Hong Kong in 2004 and the Asian Banker Lifetime Achievement Award in 2005. He was made a Commander of the British Empire for his contributions to banking and awarded Honorary Citizenship of Seoul in recognition of his work for the city.
HSBC in the MENA Region
HSBC is the largest and most widely represented international banking organisation in the Middle East and North Africa (MENA), with a presence in 14 countries across the region. HSBC has operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. In Iraq, HSBC holds a majority shareholding in Dar Es Salaam Investment Bank. HSBC also maintains a representative office in Libya.
This presence, the widest reach of any bank in the region, comprises some 273 offices and around 12,000 employees. In the full year 2011, HSBC in the MENA region made a profit before tax of US$1,492m.
HSBC in Oman
HSBC is the largest international bank operating in the Middle East, and Oman is an important market in the region for the bank. Oman has one of the most stable political, social and economic environments in the region, with a growing economy supported by a young population and significant investments in infrastructure.
Oman is also a key access hub to the fast-growing trade corridors connecting the MENA region with Asia - a major focus for growth for HSBC. Its economy is forecast to grow at a compound annual growth rate of 4%1 forecast from 2011 to 2016.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa. With assets of US$2,556bn at 31 December 2011, the HSBC Group is one of the world's largest banking and financial services organisations.
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© Press Release 2013