Fred Boillereau leaves HSBC, Badhwar moves up

HSBC separates FX & commodities from global markets corporate services, with replacement for Boillereau to be announced

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Promotion for Rahul Badhwar, but Frederic Boillereau is out

HSBC has appointed Rahul Badhwar as head of global markets corporate services, but Frederic Boillereau, the former global head of FX and commodities, has left the bank, according to an internal memo that was circulated on July 20.

As part of a restructure, HSBC is separating the FX & commodities and the global markets corporate businesses, and it will announce a replacement for Boillereau in due course.

“Previously both managed by Frederic Boillereau, I believe the two businesses will benefit from a restructure resulting in separate leadership,” says Thibaut de Roux, head of global markets, in the memo. “As a result of the changes, Frederic will leave HSBC to pursue new opportunities.” 

Boillereau joined HSBC two decades ago. De Roux thanked Boillereau for his contribution to the bank, saying his efforts have ensured the FX and global markets corporate services businesses are well placed to serve clients.

“I wish him well for the future,” de Roux adds.

Badhwar, meanwhile, is set to report to de Roux directly in his new role. He will also join the global markets executive committee of the bank.

Badhwar joined the UK dealer more than 20 years ago, and he has held sales roles in Dubai, Hong Kong and London.

He was appointed head of corporate sales for Asia-Pacific (excluding Greater China) in 2007. In 2016, he relocated to London to become global head of corporate treasury solutions.

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