HSBC hires former UBS banker to head Australia M&A

SYDNEY, July 31 (Reuters Basis Point) - HSBC, Europe's largest bank by assets, has appointed Scott Couzner as head of M&A in Australia from UBS (NYSEArca: FBGX - news) , where he was most recently running the Southeast Asian M&A team, the bank said in a statement on Friday.

Couzner's appointment comes at a time when the bank is restructuring its massive operations to increase profits. HSBC is slashing close to 50,000 jobs - half of which will come from selling businesses in Brazil and Turkey, shutting down unprofitable units and shrinking the investment bank by a third.

His hiring is part of the bank's strategy to capture growth from Asian investors into Australia, HSBC said.

Based in Sydney, Couzner will report to Jason Rynbeck, who oversees the bank's M&A offering in the Asia Pacific region, as well as Sean Henderson, head of capital financing in Australia. (Reporting by Sharon Klyne; Editing by Gopakumar Warrier)