HSBC has promoted Niall Booker as new CEO of HSBC North America Holdings, effective August 1, 2010. Mr Booker succeeds Brendan McDonagh, who is retiring from the group after serving for than 30 years.

Mr Booker, currently deputy CEO of HSBC North America Holdings and CEO of HSBC Finance, will also become a group managing director and will join the group management board with effect from August 1, 2010.

Mr Booker joined HSBC in 1981 and has international experience across nine countries, including having served as deputy chairman and CEO of HSBC Middle East and CEO for India.

Michael Geoghegan, group chief executive at HSBC, said: “The combination of Niall’s four US postings during his HSBC career to date and his international experience mean that he is Brendan’s obvious successor for the next phase of developing our business in North America.

“Since joining the group in September 1979, Brendan has held a variety of senior positions and managed businesses in North America, Europe, Asia and the Middle East. He has worked in the US since September 2002 and has been instrumental in leading our business there through particularly challenging times in addition to the continued growth in our core businesses.”