HSBC (HKG:0005) is consolidating seven functional departments across the lender and Hang Seng Bank as part of a restructuring of its Hong Kong operations, The Standard reported Tuesday, citing its sister publication Sing Tao Daily.

Under the overhaul, Hang Seng executives will head six of the seven combined departments, with each integrated unit overseen by a single department head reporting directly to HSBC's senior management for the Hong Kong market.

The integrated functions include corporate communications, company secretarial and corporate governance, risk and compliance, information technology, internal audit, finance, and the chief operating office, the report said.

HSBC did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)