By Andrei Skvarsky
HSBC has appointed Huseyin Ozkaya as chief executive of its Russian subsidiary, moving him from his current job as head of global banking at the British bank's Turkish entity.
Ozkaya replaces Stuart Lawson, a veteran of Russian banking whose abrupt departure from Europe’s largest bank in June suggested the withdrawal was less than amicable.
When Lawson was in charge of the Russian unit, HSBC said it planned large investment in the subsidiary’s organic growth, yet the bank appears to have revised those plans. After the institution opened a few retail branches in Moscow and St. Petersburg, a senior Moscow banker said the London-based lender had scaled back its ambitions to set up a retail network in Russia.
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