HSBC (NYSE: HSBC) has appointed Vivek Ramachandran as Head of Global Trade and Receivables Finance (GTRF), “with immediate effect.”
The appointment is reportedly a return to HSBC for Vivek, who had first joined HSBC back in 2015 as the firm’s Global Head of Product and Propositions for GTRF, and subsequently became Global Head of Growth & Innovation for HSBC Commercial Banking.
Vivek also previously managed the Global Transaction Banking business at Barclays, and held senior management positions at Lloyds.
Since 2019, he has been working as CEO of Serai, the HSBC-founded venture based in Hong Kong, which functions as a separate entity offering a B2B supply-chain platform.
HSBC’s Global Trade and Receivables Finance is among the leading providers of international trade and supply chain finance services, with an established network covering more than 90% of the trade and capital flows.
In its first quarter earnings release this past week, HSBC reported steady GTRF performance, supported by a 22% increase in revenues in Commercial Banking compared with 1Q21.
This performance has been underscored by record high client satisfaction scores, and the banking institution achieving the top ranking in the Euromoney Trade Finance Survey – based on customer votes – for the fifth straight year.
Barry O’Byrne, CEO of Global Commercial Banking at HSBC, stated:
“We’re really excited to have Vivek rejoin HSBC – to advance our sustainable trade finance agenda, expand our product propositions, and further cement our position as the world’s leading trade bank.”
At first, Vivek will be based in Hong Kong, and will be reporting directly to Barry O’Byrne and Greg Guyett, Co-CEO of HSBC Global Banking and Markets.
Vivek succeeds Ajay Sharma and Vinay Mendonca, who assumed joint interim leadership of GTRF in June of last year, in addition to their respective roles in GTRF as Regional Head of Asia-Pacific, and Global Head of Product, Propositions and Structuring.