A HSBC director in charge of assisting and restructuring large corporate customers of the bank has left to join a government agency.
After 42 years in banking, Stephen Cresswell has joined the team at the government’s Homes and Communities Agency (HCA), which sits within the Home Office.
He has taken on the role of general manager for distressed debt at the HCA and will be responsible for the management of its failing investments.
The HCA aims to create successful communities by making more homes and business premises available to the residents and businesses who need them.
It lends to private sector business that builds new homes or prepares sites for housing developments.
This includes small builders, community builders, custom builders and regeneration specialists, as well as larger builders and developers.
The HCA also regulates social housing providers in England.
At his previous role with HSBC, which he left earlier this month, Creswell was director of the bank’s CMB large corporate loan management unit and wholesale and market risk within Europe.
Pending the appointment of his successor, his portfolio will be overseen by Paul Hagger, senior director for the bank’s large corporate loan management unit in wholesale and market risk, for EMEA.