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HSBC stock rose in morning trading in Hong Kong after the bank announced it had appointed former AIA chief executive Mark Tucker as the group’s new chairman.

The bank’s stock was trading up 1 per cent at HK$63.60 a share.

Asian insurer AIA’s share price slipped as much as 3.3 per cent in early Hong Kong trading after Mr Tucker’s departure was announced. Mr Tucker had joined AIA in 2010 and led its IPO in the same year. It was down 2.5 per cent as of mid-morning.

Mr Tucker will become a director and group chairman from September 1, and will take over as non-executive group chairman on October 1.

Copyright The Financial Times Limited 2017. All rights reserved.

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