HSBC Securities Services has named former Deutsche Bank investor
services head Rafael Moral Santiago to lead its European Securities
Services franchise.
He replaces Arjun Bambawale, who left HSBC at the end of November last year.
Santiago
was previously global head of Investor Services at Deutsche Bank’s
Global Transaction Bank (GTB) unit, where he led the its frontline
securities services business including custody and clearing, fund
services and agency securities lending. Santiago was also responsible
for strategy, global P&L, client relationships and risk management.
He joins HSBC from the beginning of December, and will report to Cian Burke, global head of Securities Services, in London.
The
appointment of Santiago fills a key hole in HSBC’s European franchise,
which has relocated some of its senior executives from London to Hong
Kong, including Roy Zimmerhansl, global head of Securities Lending, and
Clive Triance, global head of Sales and Business Development for Banks
and Broker-Dealers.
According to one source, Santiago’s vacant
role at Deutsche Bank will be taken over in the interim by Ajay Singh,
as it searches for a more permanent replacement.
Singh will
assume the role whilst retaining his current responsibilities as global
head of Issuer Services, according to the source.
A spokesperson for Deutsche Bank declined to comment.