Neat little trick that: set up some dodgy little Mexican operation, but then tie it back into Head Office through a series of reversed inter-related company holdings.
HSBC Latin America Holdings (UK) Ltd has its address at 8 Canada Square, London, E14 5HQ, and on 5th April 2012, a gentleman called Sandy Flockhart retired as an Executive Director of HSBC Holdings plc, with effect from 30 April 2012, after a career spanning 37 years. He will be retained on the Board as a non-executive Director in order for the Board to retain access to his extensive international experience. Sandy will also retain his positions as Chairman of HSBC Bank plc, the Group's principal UK and European subsidiary, as Chairman of HSBC Latin America Holdings (UK) Limited and as a Director of HSBC Bank Middle East Ltd.
Now, call me old fashioned, but a UK registered company that has as its Chief Executive a man who is still chairman of HSBC Bank plc, and which has its address in Canada Square, and which owns a Mexican bank 99.99%, might just possibly be thought to be subject to FSA oversight, and moral suasion.
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