(Updates to add comment from an HSBC spokesperson)
HSBC (HKG:0005) is consolidating seven functional departments across the lender and Hang Seng Bank as part of a restructuring of its Hong Kong operations, The Standard reported Tuesday, citing its sister publication Sing Tao Daily.
Under the overhaul, Hang Seng executives will head six of the seven combined departments, with each integrated unit overseen by a single department head reporting directly to HSBC's senior management for the Hong Kong market.
The integrated functions include corporate communications, company secretarial and corporate governance, risk and compliance, information technology, internal audit, finance, and the chief operating office, the report said.
In an emailed statement to, an HSBC spokesperson said the acquisition of Hang Seng enables the lender to scale capabilities and drive growth for all customers. The new leaders will also explore opportunities for greater collaboration and alignment across the two banks, the spokesperson added.
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