Published September 24, 2011
WASHINGTON (Reuters) - Douglas Flint, the chairman of European banking powerhouse HSBC <HSBA.L>, will take over as chairman of the global banking lobby Institute of International Finance when current chairman, Deutsche Bank CEO Josef Ackermann, steps down next year, banking sources said on Saturday.
"Flint will succeed Josef Ackermann next year," a senior banking source said.
Flint has been chairman of HSBC, Europe's biggest bank, since December. He was promoted to chairman from finance director after a boardroom takeover battle last year led to the departure of the bank's then-CEO and Chairman Stephen Green.
The IIF represents and lobbies for over 450 banks and other financial firms across more than 70 countries.
Led by its managing director Charles Dallara, it has played a significant role representing banks in talks about rescuing Greece, helping get the private sector to agree to take a 21 percent loss on their holdings of Greek government bonds. But that deal has not been finalized, and some expect the bondholders to have to agree to a bigger loss.
Flint, a Scot, joined HSBC as finance director in 1995 and in his 15 years in that role built up a reputation as an expert on complex accounting issues and a straight-talking and reliable voice on regulation.
Seen as a safe pair of hands and far removed from the flash world of investment banking, the 56-year old has urged greater regulator coordination and said the quality of supervision needs to improve.
(Washington newsroom +1-202-898-8310)