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Banker may net €27m pay-off

Michael Geoghegan (above), the Irishman who ran HSBC Bank, could bag a near €27m pay-off as he leaves the bank after a boardroom wrangle.

Geoghegan, whose father was a UCD professor from Co Tipperary, is stepping down as chief executive of the €140bn bank, which sponsored the Lions on the ill-fated tour to South Africa last year.

He could pick up nearly €27m as a parting pay-off through a combination of salary, bonus and long-term share awards, though these are conditional on the bank performing well.

Geoghegan gave his near €5m bonus for 2009 to charity last year.

Sunday Independent