HSBC puts ex-Standard Chartered executive Meddings in frame as next chairman

The former Standard Chartered finance chief Richard Meddings has been approached to join the board of HSBC Holdings – an appointment which could unlock a solution to the messy succession planning which hit Europe’s biggest lender last year.

I have learnt that Mr Meddings, who left the emerging markets-focused bank in 2014 and more recently held the post of NHS England chair for three years, has been in talks to become a non-executive director of London-headquartered HSBC.

Sources said he would be a strong contender to succeed Brendan Nelson – who was named as HSBC’s chairman in December after a chaotic year-long process – in the coming years.

Although he was ostensibly appointed as permanent chair, few expect Mr Nelson, who is 76, to serve more than a couple of years in the role.

Alongside Mr Meddings’ appointment, HSBC is expected to name a new senior independent director who will be charged with overseeing the next chair recruitment process.

Industry figures suggested that Eileen Murray, a former co-chief executive of Bridgewater Associates, would be a logical candidate for that post.

The board appointments are expected to be announced before the bank holds its annual shareholder meetings in Hong Kong and London in early May.

With a market capitalisation of over £220bn, HSBC has seen its share price soar by close to 50% over the last year.

In February, it reported annual pre-tax profit of just under $30bn, a slight fall on the previous year as a result of billions of dollars of charges relating to operations in China and France.

The bank’s chief executive, Georges Elhedery, has moved to further simplify HSBC since taking the top job in 2024, closing parts of its investment banking operations and restructuring its business along different geographical lines.

Its biggest strategic move last year involved paying $14bn to buy the remaining shares of Hong Kong’s Hang Seng Bank, which had been separately listed on the city’s stock exchange.

If Mr Meddings’ appointment is confirmed, it is likely to be welcomed by City analysts given his strong pedigree in HSBC’s core markets.

Since leaving Standard Chartered, he has held a number of other posts in the industry, including at TSB Banking Group and at Deutsche Bank.

He was recently among the candidates to become the next chair of Prudential, although that job went to Sir Douglas Flint – himself a former HSBC chairman.

Last year’s boardroom chaos at HSBC was at odds with its solid business performance, which saw its shares hit a record high earlier this year, 153 years after it was founded as the Hongkong and Shanghai Banking Corporation.

Sir Mark Tucker, who took over as chairman in 2017, signalled to its board early last year that he wished to step down, triggering a search process led by Ann Godbehere, the then senior independent director.

Among the candidates for the role was George Osborne, the former chancellor, who presented to HSBC’s board late last year.

Days later, the bank announced Mr Nelson’s appointment.

“I look forward to continuing to work with the board, Georges and the wider management team as we deliver on our strategic and financial objectives,” Mr Nelson said at the time.

HSBC has invariably appointed chairs from within its ranks, with Sir Mark becoming the first outsider to take the post in the bank’s history.

The group has a big presence on the British high street thanks to its acquisition of the Midland Bank in 1992, and employs tens of thousands of people in the UK.

In recent years, HSBC has continued to exit non-core markets, selling operations in countries such as Canada and France as it sharpened its focus on its Asian operations.

HSBC has been contacted for comment.