USAlliance names new CEO, HSBC launches new account-opening portal

September 15, 2023 5:00 PM

USAlliance Federal Credit Union names Harry Zhu as its next president and chief executive; HSBC launches business account-opening portal in 20 countries; Swift enters next phase of its central bank digital currency solution and more in the weekly banking news roundup.

USAlliance Federal Credit Union names new CEO

USAlliance Federal Credit Union in Rye, New York, has tapped Harry Zhu to become its next president and chief executive. Zhu, who is currently the chief retail lending officer for the $19 billion-asset Alliant Credit Union in Chicago, will join the $3 billion-asset USAlliance on Oct. 2.

"By bringing a new perspective to our mission and working collaboratively with the entire credit union team, I believe we can deliver even more value while creating sustainable growth that benefits our members," Zhu said in a press release on Friday. — Frank Gargano

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HSBC launches business account-opening portal in 20 countries

HSBC business and corporate customers can now open accounts for multiple business entities in multiple markets in one go. On Wednesday, the London-based bank announced an account-opening portal that unites application forms, secure document exchange functionality, online tracking and e-signature capabilities in a single place. The 20 countries it is available in right now include the United States, Canada, Australia, France, India, Mauritius, Singapore and Spain. The digital account opening portal will be available in Hong Kong, Bahrain, Kuwait and Qatar by the end of this year, and expand further in 2024. — Miriam Cross

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Swift rolls out next stage of testing CBDC solution

The Society for Worldwide Interbank Financial Telecommunication has begun its second phase of testing a central bank digital currency connector solution. Three central banks, including the Hong Kong Monetary Authority and the National Bank of Kazakhstan, are integrating the beta solution, and 30 financial institutions, including Bank of Thailand and The Reserve Bank of Australia, are participating in the sandbox test.

"Our focus is on interoperability — ensuring that new digital currencies can seamlessly coexist with each other and with today's fiat-based currencies and payment systems," said Tom Zschach, chief innovation officer at Swift, in a prepared statement. — Catherine Leffert

Citi sells its online platform that connects business owners with lenders

Citi has sold its online loan "meeting place," Bridge built by Citi. On Monday the bank announced that Bridge, which connects small and medium-size businesses with lenders across the U.S., would be acquired by commercial lending services provider Foro Holdings. Citi also invested in Foro, along with TTV Capital, U.S. Bank and Correlation Ventures. It will remain a minority investor in Foro. Foro will use the new capital investment to expand the services it provides to businesses, banks, community development financial institutions and nontraditional lenders. Bridge has already grown since it launched in 2021, from 18 lenders at the beginning to 75 as of now. — Miriam Cross

Texas Capital announces new energy hires

Texas Capital Bancshares has hired Marc Graham as head of energy and it's brought in three managing directors in a bid to build out the Dallas-based company's energy investment banking services, according to a press release.

Graham was most recently the co-head of energy for Scotiabank's U.S. corporate bank, a Texas Capital spokesperson said in an email. He is joined by Michael Bodino, Christian Gibson and Randall Byrne, who will focus on business growth and client acquisition, the release said. Bodino and Byrne most recently worked at Seaport Global Securities, while Gibson comes to Texas Capital from Johnson Rice, the spokesperson said. Graham, Gibson and Byrne are based in Houston, while Bodino is based in Dallas, the spokesperson said. Texas Capital launched its investment bank about a year ago as part of the company's multiyear plan to become the state's leading financial services firm. — Allissa Kline

Citi industrials banker Niraj Shah said to join PJT Partners

Niraj Shah, managing director and co-head of North America industrials at Citi, is leaving the bank to join boutique PJT Partners, according to people familiar with the matter.

Shah, who is based in New York, is expected to join PJT as a partner following a period of leave, said the people, who asked not be identified because they weren't authorized to speak publicly. Representatives for PJT and Citi declined to comment, as did Shah.

PJT has plans to go on a hiring spree in the coming year, CEO Paul Taubman said in an interview with Bloomberg News last month. The firm, which went public in 2015 and now has more than 900 employees, recently hired Ernie Ruehl from Credit Suisse Group AG to cover semiconductors. — Kiel Porter and Aaron Kirchfeld, Bloomberg News

UBS to move bankers, traders to Credit Suisse’s New York offices

UBS plans to house its investment banking and trading operations in Credit Suisse's New York offices as the Swiss banking giant continues to integrate its former rival. The investment banking unit, which includes the firm's markets division, will now be located at 11 Madison Avenue, according to a memo to staff. Group functions, which include legal, compliance and human resources staff, will also be moved.

"As we progress with our integration, we continue to prioritize opportunities to drive stronger collaboration and deliver the best of our combined firm to our clients," UBS executives said in the memo, noting that the plan will be implemented over 18 to 24 months. – Jenny Surane, Bloomerberg News

Umpqua Bank appoints head of community lending

Umpqua Bank named Nicole Bascomb-Green its new head of community lending, where she will oversee the bank's efforts to help low- and moderate-income and minority borrowers become homeowners. A 30-year veteran of the banking industry, Bascomb-Green has worked as an underwriter, loan officer, banker and real estate agent. Bascomb-Green joins Umpqua Bank from U.S. Bank, where she spent four years as the manager of community affairs for the states of Washington and Idaho. — Orla McCaffrey