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HSBC Bank has made a historic appointment by naming Pam Kaur, an Indian-origin executive, as its new Chief Financial Officer (CFO). This marks a significant milestone, as Kaur becomes the first woman to hold this pivotal role in the bank’s 160-year history. Her appointment will take effect on January 1, 2025, succeeding Georges Elhedery, who recently transitioned to CEO.
At 60 years old, Pam Kaur boasts nearly four decades of extensive experience in banking, specializing in auditing, risk management, and compliance. She began her career as a chartered accountant at Ernst & Young and initially worked in internal audit at Citibank. Kaur joined HSBC in April 2013 as the Group Head of Internal Audit and rose to the position of Group Chief Risk Officer in January 2020. In June 2021, she also took on the responsibility for Compliance.
Kaur’s academic credentials include an MBA in Finance and a BCom (Hons) from Panjab University in Chandigarh. She is also a Fellow Member of The Institute of Chartered Accountants in England and Wales, reflecting her commitment to the field.
Throughout her career, Kaur has held various senior roles at prominent global financial institutions. Notably, she served as the Global Head of Group Audit for Deutsche Bank, and as the CFO and COO of the Restructuring and Risk Division at the Royal Bank of Scotland Group PLC. Additionally, she has held key positions as the Group Head of Compliance and Anti-Money Laundering at Lloyds TSB and Chief Compliance Officer at Citigroup International. Currently, she serves as a non-executive Director of Abrdn PLC.
In her new role as CFO, Pam Kaur will receive an annual base salary of £803,000 (approximately Rs 8.3 crore), along with a fixed pay allowance of £1,085,000 (around Rs 8.7 crore) and a pension allowance of £80,300 (approximately Rs 64 lakh). She is also eligible for discretionary variable pay, including an annual incentive award of up to 215% of her base salary and a long-term incentive award of up to 320% of her base salary.
Pam Kaur’s tenure at HSBC began shortly after the bank faced scrutiny for anti-money laundering and sanctions violations, which resulted in a deferred prosecution agreement with the US Justice Department. Since then, she has played a crucial role in shaping the bank’s risk management strategies. In April 2019, she was appointed as Head of Wholesale Market and Credit Risk and also chaired the enterprise-wide non-financial risk forum.
As Kaur steps into her new role, her leadership is expected to further strengthen HSBC’s commitment to compliance and risk management, paving the way for innovative strategies in the financial sector.
Sources By Agencies
