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HSBC named AIA Chief Executive Mark Tucker as its new chairman, replacing Douglas Flint, as part of its plans to revamp the management.

The bank said Monday Tucker will take the helm on October 1. AIA appointed Ng Keng Hooi as its new CEO. He will assume the post on September 1.

Tucker will be facing a tall order to look for Stuart Gulliver, who has been with HSBC for over six years. The company said they are expecting to unveil its new CEO in 2018 in order to fulfill Gulliver’s plan to retire around next year.

As of present, HSBC is overhauling its management to prepare for more rigid regulations, a law mandating the separation of its retail business from the investment bank in Britain.

Tucker used to spearhead Prudential Corporation between 1994 and 2003. He led the insurance provider in 2010 before its IPO in that year.

The material has been provided by InstaForex Company –

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