HSBC has appointed Simon Babbage to the role of Head of Payments and Cash Management for HSBC in Australia where he will be responsible for delivering global cash and liquidity management services and products to corporates and financial institutions.
Based in Sydney, Simon Babbage will report locally to James Hogan, Head of Commercial Banking for HSBC in Australia and regionally to John Laurens, Head of Payments and Cash Management, Asia Pacific. Babbage was previously Head of Product Management for HSBC’s Payments and Cash Management business in Australia.
Commenting on the appointment James Hogan said: “Since joining HSBC in 2011, Babbage has been instrumental in growing HSBC Australia’s payments and cash management capabilities in Australia and helping the increasing number of Australian businesses who have both domestic and international payment needs, particularly into Asia.”
“Australia’s global trade and capital flows continue to increase, as do its links with Asia. With 80% of Australia’s total exports expected to go into Asia by 20201 and increasing capital investment flows there, Australia’s economy is becoming more tied to the Asian economies than ever before.1”
“As Australian companies continue to expand and do business offshore, we’re seeing increasing demand for truly global payments and cash management capabilities that can link their domestic and international cash management needs. HSBC’s global internet banking channel, HSBCnet, helps to simplify clients’ banking arrangements by providing a range of domestic and international products and services on a single global platform.”
“And over the past two years, HSBC has expanded its payments and cash management range in Australia to include corporate credit cards, mobile HSBCnet2 capabilities and its cross border liquidity solution.”
“Continued investment in HSBC’s payment and cash management offering has seen HSBC ranked by Australian corporates and institutions the leading international payment and cash management bank in Australia2,” he said.
HSBC’s Asia Pacific Head of Payments and Cash Management, John Laurens, said HSBC will also be focused on helping CFOs better understand the opportunities arising from the loosening of China’s capital account and the internationalising of its currency – the renminbi.
“The Chinese government is continuing to internationalise its currency and has launched several pilot schemes that allow selected cash-rich companies, operating in China, to move their renminbi holdings offshore. HSBC has been at the forefront of these pilots and is well equipped to help Australian companies participate and make better use of their renminbi holdings,” he said.
Babbage joined HSBC in Australia in 2011 as Head of Product Management, Payments Cash Management. Prior to this Babbage has sales and product development roles across payments and cash management, equities and corporate banking divisions at major Australian banks.
Babbage assumes the role following the move of Australia’s previous Head of Payments and Cash Management, Allan Dueck, to HSBC Turkey.
Notes to Editors:
1 Paul Bloxham, “Australia’s increasing ties with Asia”, February 2013
2 HSBC has c7% PCM market share ranking fifth behind the major banks, East and Partners Research, February 2013