HSBC Rail, one of Britain’s largest passenger train owners, has
recently appointed a new management team, after denying speculation
that its parent company was considering selling it in an attempt to
reduce the negative effects of the subprime mortgage crisis.
Mary Kenny, who has been working for HSBC since 1989 and was
appointed head of finance for HSBC Rail last year, has been chosen
as the new chief executive. She will replace Peter Aldridge, who
retired at the beginning of 2008.
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The new team will also include Stephen Timothy as head of
Relationship Development, Simon Purves as head of Commercial
Finance and John Reddyhoff as head of Asset Management.
HSBC Rail, one of the UK’s three ROSCOs alongside Porterbrook
and Angel Trains, has been rumoured to be up for sale as a result
of huge credit crunch write-downs for HSBC. It has repeatedly
denied the possibility of a sale.
According to informed sources, potential buyers of the company
would have included Australian investment and infrastructure firms
Babcock & Brown and Macquarie.
Further speculation in August suggested that HSBC Rail was
setting up a unique offshore structure enabling it to avoid
repayment of deferred tax liabilities, in the event of a sale.
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By GlobalData
