HSBC’s new infrastructure finance unit to be led by ex-UK politician Danny Alexander
- HSBC Infrastructure Finance will tap infrastructure financing and advisory opportunities associated with the transition to a low carbon economy
HSBC has hired Danny Alexander to lead its new infrastructure unit to tap opportunities associated with the global shift to a low carbon economy.
The former UK minister will join HSBC Infrastructure Finance (HIF) as chief executive in November. The unit will take part in infrastructure and project finance deals, according to a post on Alexander’s LinkedIn page on Tuesday.
“HIF will pursue a meaningful share of infrastructure financing and advisory opportunities associated with the transition to a low carbon economy in strategic markets,” he wrote in the post.
“The new role is based in the UK, but with HSBC’s deep roots and great strength in Asia, I expect to continue to spend a lot of time in this region … It will be a huge challenge – I am looking forward to getting started.”
The move comes as HSBC joins a growing list of banks tightening their lending to high-polluting sectors to get in line with the global goal of net-zero emissions by 2050.
The new unit will incorporate parts of the bank’s global banking real asset finance team, which includes infrastructure finance, export finance and portfolio management, according to a Reuters report, which cited an HSBC internal staff memo.
