HSBC, a banking heavyweight, has announced the retirement of its group CEO, Noel Quinn, after his five-year tenure, prompting the bank to commence the search for his successor. HSBC CEO Noel Quinn to retire after five-year tenure

In a statement regarding his decision, Quinn expressed that “after an intense five years, it is now the right time for me to achieve a better balance between my personal and business life.” He also mentioned his plans to “pursue a portfolio career going forward.”

Mark Tucker, HSBC’s chairman, commended Quinn for his role in driving the bank’s transformation strategy, leading to the establishment of “a more focused business that delivers higher returns” during his tenure.

Quinn’s journey with HSBC began in 1987, and he ascended through various positions, including head of commercial finance for Europe and regional head of commercial banking for the Asia Pacific region. He previously served as the bank’s chief executive of global commercial banking.

Following John Flint’s departure, Quinn took over as interim CEO in August 2019, and his position was made permanent in March 2020.

HSBC disclosed that its board has initiated a “formal process” to identify Quinn’s successor, considering candidates from both internal and external sources. During this transition period, Quinn has agreed to continue in his current role to “ensure a smooth and orderly transition.”

Source: fintechfutures.com

UK-based Delta Capita has completed the acquisition of Client On-Boarding, an end-to-end KYC (Know Your Customer) client lifecycle management compliance solution, from the London Stock Exchange Group (LSEG). The financial terms of the transaction have not been disclosed.

Delta Capita, a leading provider of capital markets consulting, managed services, and technology solutions headquartered in London, views this acquisition as a strategic addition to its existing Karbon suite. The Karbon suite offers a comprehensive range of KYC services, tools, and solutions.

Philip Freeborn, co-head of global markets and wholesale banking services at Delta Capita, emphasizes that the acquisition will enhance the suite’s capabilities by incorporating full enterprise-grade CLM (Client Lifecycle Management) technology, due diligence, and client outreach services. He highlights the benefits for clients, including streamlining business processes, adopting a price per file model, and mitigating compliance risk, particularly in the current regulatory environment.

All clients previously served by Client On-Boarding, spanning institutions across the UK, Europe, North America, Hong Kong, and Australia, have transitioned to Delta Capita. Meanwhile, LSEG will continue to utilize the technology as a client.

Joe Channer, CEO of Delta Capita, underscores the significance of integrating Client On-Boarding into their suite, stating that it strengthens their KYC client lifecycle credentials. He believes that this addition will empower clients to more effectively fulfill their KYC and CLM compliance obligations.

Source: fintechfutures.com

Capify, an online lender specializing in SMEs, has recently announced securing a substantial £100 million credit facility with Pollen Street Capital, a UK-based alternative asset manager.

John Rozenbroek, serving as Capify’s CFO and COO, expressed enthusiasm for the new multi-year facility. He highlighted its role in expanding the lending capacity for SMEs ready to receive funding, while also enabling Capify to pursue its growth objectives. Rozenbroek emphasized the company’s commitment to enhancing platforms and customer experiences, aiming to streamline processes and accelerate decision-making for brokers and SMEs.

This achievement follows Capify’s previous success in securing a £75 million credit facility with Goldman Sachs in 2019.

Established in the US in 2002, Capify has since expanded its operations to Australia and the UK in 2008. The company offers a range of financial products, including merchant cash advance (MCA) and business loans, allowing merchants to repay their loans through manageable instalments.

David Goldin, the Founder and CEO of Capify, described the new credit facility as another significant milestone for the company. He emphasized that it underscores the strength of Capify’s business model and its commitment to providing swift, adaptable, and responsible support to SMEs in both the UK and Australia.

Source: fintechfutures.com