Senior executive's departure deepens shake-up at bank giant Archie Tsim, a former managing director for corporate finance and advisory at HSBC, has returned to Hong Kong Exchanges and Clearing as a senior vice-president and special adviser to the head of the listing division. Before joining HSBC Group in 1997, he was deputy head of corporate finance in the listing division. Mr Tsim is the third senior executive to resign from HSBC's investment banking team over the past two months. He and former associate director Ronald Tham, who joined Macquarie Bank Hong Kong last month, were involved in advisory work on the government's plan to merge the MTR Corp and the Kowloon-Canton Railway Corp, a project HSBC secured in July. The pair also handled the MTR's listing in 2000 for HSBC. HSBC's former corporate finance chief operation officer and head of execution Herbert Hui, who was not directly involved in any MTR deals, became general manager of the rail operator's corporate finance division in August, ending his 14-year career with the bank. 'The government is not happy about the shake-up as [Mr Tsim and Mr Tham] are familiar with the MTR and the government,' a banking source said. HSBC spokesman John Ryan said: 'The departure of the two executives doesn't hurt the bank's ability to do the merger deal.' He noted that the bank's global head of transport, Mike Kershaw, was responsible for the merger. He declined to comment on whether Mr Tsim and Mr Tham had been replaced. The government, which mandated HSBC and Citigroup as its joint advisers on the rail merger after the pair offered their services free, said yesterday the merger plan was still on track. 'HSBC is one of our two advisers and there have been no changes on the advisory front,' a government spokeswoman said. HSBC and Citigroup are advising the government on a joint merger proposal that the MTR and KCRC submitted last month, mapping out a plan to integrate railway operations, adopt a transparent fare-setting regime, scrap network interchange charges and reduce train fares. They also advise on the preliminary terms of the merger.