HSBC appoints cross-bank leaders after Hang Seng privatisation, source says

HONG KONG, July 22 : HSBC has appointed cross-bank leaders to oversee seven corporate functions it has in common with Hang Seng Bank, which it took private last year, according to a source familiar with the matter, in an effort to drive efficiency.Corporate communication, company secretarial and corporate governance, risk and compliance, information technology, internal audit, finance, and the chief operating officer functions will now each have a single leader for both banks, according to the source.However, each of the bank's teams for those functions will operate independently, instead of merging, the source said. Sing Tao, a Hong Kong newspaper, had reported on Tuesday that HSBC was merging the teams.Under the changes, one of the heads of each function at the two banks has been elevate