Indian-Origin Pam Kaur has been appointed as HSBC Bank’s new Chief Financial Officer (CFO), becoming the bank’s first female CFO in its 160-year history. She replaces Georges Elhedery, who took over as CEO earlier this year.
According to a news statement from HSBC Bank, Pam Kaur will also serve as Executive Director of the Board of Directors beginning January 1, 2025.
At 60, Ms Kaur has over four decades of banking expertise, with an emphasis on audits, risk management, and compliance.
Who is Pam Kaur?
Pam Kaur became a chartered accountant at Ernst & Young and started her career in internal auditing at Citibank. She joined HSBC in April 2013 as Group Head of Internal Audit and was promoted to Group Chief Risk Officer in January 2020, before taking on Compliance responsibilities in June 2021.
She earned an MBA in Finance and a BCom (Hons) from Panjab University in Chandigarh. She is a Fellow Member of the Institute of Chartered Accountants of England and Wales.
Pam Kaur has held several senior positions at major global financial institutions. Her former roles include Global Head of Group Audit for Deutsche Bank, CFO and COO of the Restructuring and Risk Division at Royal Bank of Scotland Group PLC and Group Head of Compliance and Anti-Money Laundering at Lloyds TSB. She also served as Chief Compliance Officer at Citigroup International and Global Director of Compliance for Citigroup’s Global Consumer Group. She currently acts as a non-executive Director of Abrdn PLC.
As CFO, Pam Kaur will earn an annual base salary of £803,000 (Rs 8.3 crore), a fixed pay allowance of £1,085,000 (Rs 8.7 crore), and a pension allowance of £80,300 (Rs 64 lakh). She is also eligible for discretionary variable pay, including an annual incentive award of up to 215 per cent of her base salary and a long-term incentive award of up to 320 per cent of her base salary.
Pam Kaur joined HSBC shortly after the bank was investigated for anti-money laundering and sanctions violations, resulting in a deferred prosecution agreement with the US Justice Department. Since then, she has had a considerable impact on the bank’s risk management policies, including her appointment in April 2019 as Head of Wholesale Market and Credit Risk and Chair of the enterprise-wide non-financial risk forum.
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Source: NDTV
