Andrew Beane is the new chief executive officer of HSBC Bank Malta, assuming office on November 2.

He is no newcomer to Malta, having worked for a short period with the bank in 2003 in the risk department. He succeeds Mark Watkinson, who has held the position for four years and now moves to HSBC Bank Bermuda, where he will also serve as CEO.

Mr Beane is currently chief of staff to the CEO of HSBC Europe, Middle East & Africa and a member of the executive and risk committees of HSBC Bank plc, the parent company of HSBC Bank Malta. He joined HSBC in 2002 and has worked principally in the areas of commercial banking and strategy and planning.

“Thanks to the wealth of international banking experience that Andrew Beane brings to this role, he is very well positioned to continue implementation of our strategy to position HSBC as the leading international bank and the bank of choice for customers,” Chris Davies, CEO HSBC International, said.

Mr Beane will find a very different scenario to the one Mr Watkinson found on January 1, 2012. Profits for the first half of 2015 were 28 per cent down on the first half of 2011 and return on equity has fallen from 18.5 per cent to 10.5 per cent. The cost-to-income ratio crept up, from 43.8 per cent to 55.6 per cent. The bank was also hit by industrial action earlier this year over the pending collective agreement. The last collective agreement covered a three-year period and expired in 2013. At group level, HSBC is planning to cut about 50,000 jobs but it has not indicated whether Malta would be affected.

Both appointments are subject to regulatory and other approvals.