Nelson has been serving as interim chair since October 1 and joined the lender’s board in September 2023. He was the former head of global banking at KPMG and has expertise in UK and international financial and auditing.
Tucker, HSBC’s first-ever external chairman who announced his plans to step down in May after eight years at the bank, returned to Hong Kong-based insurer AIA Group as chairman on October 1. He was AIA’s chief executive and president between 2010 and 2017.
Tucker’s reign at HSBC also saw the bank navigate external crises, including the COVID-19 pandemic, and a bid by the lender’s then-biggest shareholder, Ping An Insurance (Group) Co of China, to hive off its Asian business in order to improve returns.
Nelson will oversee the further pursuit of a refined strategy under HSBC CEO Georges Elhedery following a sweeping restructuring he undertook in October last year to scale back Western operations and deepen the lender’s focus on Asia, after achieving the bank’s highest annual profit of $32.3 billion in 2024.