LONDON — Alain Renaud will take over as global head of mergers and acquisitions at HSBC, according to a person briefed on the matter.
Mr. Renaud replaces Andrew Bell, the former head of HSBC’s advisory division, who has left the European firm to join the American investment bank Jefferies to lead its Asian and European mergers and acquisitions unit.
Mr. Renaud, who joined the bank in 2001, is currently co-head of HSBC’s global banking unit for the Middle East and North Africa. He will take up his new role at the bank on April 1, according to the person, who spoke on the condition of anonymity because he was not authorized to speak publicly.
The news was earlier reported by Reuters.
HSBC reported a 27 percent increase in its 2011 profit last week, to $16.8 billion. The bank, which now generates more than half of its earnings from Asia, is looking to divest its so-called noncore assets.
On Wednesday, the European bank said it was selling its general insurance businesses in Asia and Latin America for $914 million as part of its plan to focus on more profitable and faster-growing businesses.