Chris Spooner steps aside for new CFO of HSBC NA

HSBC North America Holdings Inc. has announced the appointment of Iain Mackay as Executive Vice President and Chief Financial Officer (CFO). He will assume his position in mid-July. Mackay succeeds Simon Penney, who retired at the end of 2006 and whose role was being filled on an interim basis by Chris Spooner, head of Group Financial Planning and Tax, HSBC Holdings plc.

As Executive Vice President and CFO, Mackay is responsible for all aspects of HSBC’s financial management in the United States and Canada. He reports to Brendan McDonagh,

Mackay began his career in 1982 with the Aberdeen office of public accounting firm Thomson McLintock, KMG. He served with Price Waterhouse from 1986 to 1989 in both New York and Paris. Joining Schlumberger Limited in 1990, he held global responsibilities as Internal Audit, Regional Finance Director and Controller in Paris and Jakarta. Mackay joined General Electric in 1996 as Global Controller for Global Consumer Finance in Connecticut, and later served as CFO for GE Equity there. From 2001 to 2002, he was Vice President and Leader of the Capital Audit Staff, and later Senior Vice President and CFO of GE Consumer Finance – Americas. He moved to his current position with GE Healthcare Technologies in 2004. Mackay received his M.A. degree in business studies and accounting in 1982 from Aberdeen University.

About HSBC – North America

HSBC – North America comprises all of HSBC’s U.S. and Canadian businesses. The company’s businesses serve nearly 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands.