WASHINGTON (Reuters) - Douglas Flint, the chairman of European banking powerhouse HSBC (HSBA.L), will take over as chairman of the Institute of International Finance next year, the global bank lobby’s current chairman said on Saturday.
Flint has been chairman of HSBC, Europe’s biggest bank, since December. He was promoted to chairman from finance director after a boardroom takeover battle last year led to the departure of the bank’s then-CEO and Chairman Stephen Green.
The IIF represents and lobbies for over 450 banks and other financial firms across more than 70 countries. The IIF’s chairman, Deutsche Bank (DBKGn.DE) CEO Josef Ackermann, confirmed the succession plan at the group’s annual meeting.
The IIF has played a significant role representing banks in talks about rescuing Greece, helping get the private sector to agree to take a 21 percent loss on their holdings of Greek government bonds. But that deal has not been finalized, and some expect the bondholders, notably European banks, will have to agree to a bigger loss.
At HSBC, Flint spends much of his time on regulatory issues, leaving day-to-day operations to the bank’s chief executive, Stuart Gulliver. That is likely to complement his role as head of the IIF, where much of the debate surrounds the rapidly changing — and tougher — regulatory landscape for banks around the world.
Flint joined HSBC as finance director in 1995 and in his 15 years in that role built up a reputation as an expert on complex accounting issues and a straight-talking and reliable voice on regulation.
Seen as a safe pair of hands and far removed from the flash world of investment banking, the 56-year old has urged greater regulator coordination and said the quality of supervision needs to improve.
Reporting by Philipp Halstrick, Editing by Chizu Nomiyama