HSBC sets up covid-19 unit to deal with corporate restructuring

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HSBC sets up covid-19 unit to deal with corporate restructuring

HSBC Holdings' recently-appointed CEO, Noel Quinn, has set up a senior team specifically focused on corporate clients and their difficulties in coping with the covid-19 outbreak.

According to Bloomberg, the UK-based global banking giant, is determined to help clients with difficulties, and to support the restructuring of some of its corporate loans. 

Patrick Nolan, global head of corporate banking, is chared with leading the unit. Gregory Guyett, co-head of global banking and markets at HSBC, together with Barry O'Byrne, HSBC's global commercial banking head, will also be senior members of the crisis unit team, according to reports.

It is understood that Nolan's day-to-day corporate banking role will be temporarily suspended. 

HSBC is one of the world's largest lenders, and as a result has high rates of exposure. Notable among its existing loans is around $600m of credit with troubled oil trader Hin Leong Trading, based in Singapore. The company's debts exceed $3bn across several international banks, incuding Wells Fargo and JP Morgan Chase.

HSBC Holdings, the UK-based parent company of HSBC, is due to report its 1Q2020 results on 28 April.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.