Michael Geoghegan

Banking giant HSBC announced the appointment of a new chairman on March 13 as part of a management overhaul which will also see it choose a new CEO, after a massive drop in profits in 2016.

British businessman Mark Tucker will take over from current chairman Douglas Flint in October. Tucker is currently group chief executive and president of insurance group AIA.

The campaign for Britain to leave the EU has been backed by 250 business leaders including the former chief executive of HSBC, the Vote Leave group said on March 26, hoping to counter the view that UK businesses back staying in the bloc.

ING Group, BNP Paribas and Bahrain-based Arab Banking Corp (ABC) have submitted bids to buy HSBC's Turkish business, a source familiar with the process said on May 29.

The source said the bids are non-binding, suggesting that the process could still take some time to complete, but that one-to-one talks have begun.

The head of HSBC's private bank has told staff past practices that may have allowed some clients to dodge taxes are unacceptable, with the company facing pressure on both sides of the Atlantic over its conduct.