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Tag: HSBC

  • HSBC Hires Wealth Teams Across Asia

    HSBC Hires Wealth Teams Across Asia

    HSBC has announced the launch of a new global business, combining retail banking and wealth management and global private banking. Recruitment for wealth teams across Hong Kong, Singapore, and mainland China is on track.

    HSBC’s new unit will become one of the world’s largest global wealth managers with $.4 trillion in assets, with nearly half of the assets from Asia, according to a media release on Monday. Wealth and personal banking will cover the entire spectrum of private wealth, from retail clients to ultra-high net worth (UHNW) individuals.

    Across Asia, where wealth pools are growing faster than in any other region, HSBC’s wealth revenues grew 12 percent in 2019 (year on year) to $.7 billion.

    This move creates one of the world’s largest and fastest-growing wealth franchises, centered in Asia and serving clients around the world. HSBC’s wealth propositions are compelling, increasingly digital and support individuals no matter where they are in their wealth journey, from first-time investors – to clients considering generational planning needs, Charlie Nunn, CEO of Wealth and Personal Banking, HSBC, said.

    In 2019, HSBC grew affluent and emerging high net worth clients globally in Premier1 and Jade, respectively, by 7 percent and 14 percent year on year. Over half of Jade’s total clients globally are in Asia. Global private banking, where profit before tax grew by 19 percent, attracted a record $23 billion of net new money in 2019, two-thirds of which were in Asia. 2019 also saw an increase in Asia client assets of 22 percent to $51 billion.

    Recruitment for wealth teams across Hong Kong, Singapore, and mainland China is on track. Since 2017, both businesses have recruited 800 people, including private bank relationship managers, investment counselors, UHNW solution specialists, and product specialists, and Jade directors and relationship managers, investment and insurance specialists.

    In 2019, four Jade Centres were opened across Singapore, Hong Kong, and Shanghai. This year, HSBC has recently opened two more Jade Centres in Hong Kong and plans to open one in Beijing.

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  • HSBC Hires Wealth Teams Across Asia

    HSBC Hires Wealth Teams Across Asia

    HSBC has announced the launch of a new global business, combining retail banking and wealth management and global private banking. Recruitment for wealth teams across Hong Kong, Singapore and mainland China is on track.

    HSBC’s new unit will become one of the world’s largest global wealth managers with $.4 trillion in assets, with nearly half of the assets from Asia, according to a media release on Monday. Wealth and personal banking will cover the entire spectrum of private wealth, from retail clients to ultra-high net worth (UHNW) individuals.

    Across Asia, where wealth pools are growing faster than in any other region, HSBC’s wealth revenues grew 12 percent in 2019 (year on year) to $.7 billion.

    This move creates one of the world’s largest and fastest-growing wealth franchises, centered in Asia and serving clients around the world. HSBC’s wealth propositions are compelling, increasingly digital and support individuals no matter where they are in their wealth journey, from first-time investors – to clients considering generational planning needs, Charlie Nunn, CEO of Wealth and Personal Banking, HSBC, said.

    In 2019, HSBC grew affluent and emerging high net worth clients globally in Premier1 and Jade, respectively, by 7 percent and 14 percent year on year. Over half of Jade’s total clients globally are in Asia. Global private banking, where profit before tax grew by 19 percent, attracted a record $23 billion of net new money in 2019, two-thirds of which were in Asia. 2019 also saw an increase in Asia client assets of 22 percent to $51 billion.

    Recruitment for wealth teams across Hong Kong, Singapore, and mainland China is on track. Since 2017, both businesses have recruited 800 people, including private bank relationship managers, investment counselors, UHNW solution specialists, and product specialists, and Jade directors and relationship managers, investment and insurance specialists.

    In 2019, four Jade Centres were opened across Singapore, Hong Kong, and Shanghai. This year, HSBC has recently opened two more Jade Centres in Hong Kong and plans to open one in Beijing.

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  • HSBC’s Revamp Less Reliant on External Factors

    HSBC’s Revamp Less Reliant on External Factors

    HSBC’s overhaul this time will be different, said interim chief executive Noel Quinn, relying less on external factors such as the economic environment.

    Following disappointing results, HSBC made announcements to further restructure the business including through 35,000 job cuts. According to its interim head, the current revamp will be less dependent on assumptions based on the macroeconomic environment.

    I believe this plan is predicated on three things we can control, which are costs, simplification of the business, and capital efficiency, rather than being dependent on revenue growth assumptions influenced by the macroeconomic environment,” Quinn said.

    Meanwhile, the spotlight continues to shine on the issue of stability at the top as the bank’s appointment of a permanent chief executive remains unconfirmed. HSBC CFO Ewen Stevenson reportedly made a call to staff this week to provide assurance and inspire commitment.

    Internally, expectations had built up in the run-up to the strategy update that Quinn will be confirmed as the group CEO, the report said, citing an unnamed source that was on the call. But the way the whole thing is being handled … it has created more confusion about the strategy and whether the bank will stick to it for the next three years even if there is a change at the top.

    This is a significant restructuring that is being driven by an interim CEO who may not be the person that delivers it, added another unnamed source that claimed to be a top-20 investor in the bank.

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  • Huawei Lawyers Accuse U.S. for Overlooking HSBC Misconduct

    Huawei Lawyers Accuse U.S. for Overlooking HSBC Misconduct

    Huawei’s legal representatives claim that U.S. authorities had knowledge of the bank’s violations against Iran sanctions but chose not to pursue the matter.

    In exchange, HSBC allegedly cooperated to support the American federal prosecutor’s case against the Chinese telecom tech giant.

    The government agreed to overlook HSBC’s continued misconduct, electing not to punish the bank, prosecute its executives or even extend the monitorship,» according to a report citing a letter filed by Huawei’s lawyers. «[In return], HSBC agreed to cooperate with the government’s efforts to depict Huawei as the mastermind of HSBC’s sanctions violations and supply witnesses to the government’s stalled investigation of Huawei.»

    This is the latest development in the legal battle involving allegations against Huawei of bank fraud and Iran sanction violations with more charges coming later this month. In an indictment unsealed last year, Huawei’s chief financial officer Meng Wanzhou – currently fighting extradition from Canada to the U.S. – was accused of defrauding banks by misrepresenting the smartphone maker’s relationship with Skycom Tech Co Ltd, a suspected front company in Iran.

    The timing couldn’t be worse for HSBC’s interim chief executive Noel Quinn who is not only fighting to regain shareholder confidence after 2019 profits plummeted but also for his job, as the bank has yet to name a permanent chief.

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  • HSBC Joins Singapore Banks In Local Relief Measures

    HSBC Joins Singapore Banks In Local Relief Measures

    HSBC Singapore is the latest to join other Singapore banks in announcing a slew of relief measures to help businesses and retail customers tide through the effects of the Covid-19 outbreak.

    HSBC announced on Friday its set of support measures for Singapore clients, joining DBS, Standard Chartered, OCBC who already pushed out their relief packages on Thursday. UOB had announced mid-week it would set aside S$3 billion to support small- and medium-sized enterprises (SME).

    The bank’s set of support measures aims to ease Singapore’s flow of commercial trade, which includes maturity extensions to SGD$600 million of current trade loans and 1-hour turnaround on the issuance of shipping guarantees. «Trade underpins Singapore’s economy and society. The measures that we have introduced today aim to facilitate the continued flow of trade by easing the cashflow and operational pressures faced by businesses tackling supply chain disruptions. We are committed to supporting our customers,» said Tony Cripps, Chief Executive Officer of HSBC Singapore.

    In addition, it is waiving amendment fees on Letters of Credit impacted by delays, plus providing enhanced support to enable customers to shift towards digital processing.

    On Thursday, DBS provided details of its liquidity relief packages to address their customers’ «most urgent cash flow needs» after the lender announced its year-end results. In particular, it will provide a six-month principal repayment moratorium for SME property loans.

    In addition, DBS will offer an extension of import facilities of up to 60 days to act as immediate cash-flow support for businesses coping with disruptions from the Covid-19 situation. These relief packages will be available to customers with good repayment histories when they apply, it added. Assistance for affected retail customers will be shared on DBS/POSB’s website from 17 February.

    Standard Chartered is looking to offer loan tenor extensions and principal moratoria of up to 12 months for affected clients with business banking installment loans upon request. Other forms of support could include bill maturity extensions of up to three months for clients with trade facilities who face delayed trade payments, waivers of business banking late fees and related charges such as restructuring costs for up to six months, and extra loans or overdrafts against their property for clients with commercial mortgages.

    For OCBC, it will offer targeted support to customers across its core markets which include Singapore, Malaysia, China, Hong Kong, and Macau. Measures include letting customers restructure their loans, providing a moratorium on principal repayment for loans, extending the due date of affected trade finance bills, and extending bridging loans in the form of additional working capital financing.

    The bank will not limit he help it will extend to customers, noting that the scale of the virus outbreak is «different from that of previous challenges» due to increased connectivity in the region, said OCBC chief executive Samuel Tsien in a media statement.

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  • HSBC Joins Singapore Banks In Local Relief Measures

    HSBC Joins Singapore Banks In Local Relief Measures

    HSBC Singapore is the latest to join other Singapore banks in announcing a slew of relief measures to help businesses and retail customers tide through the effects of the Covid-19 outbreak.

    HSBC announced on Friday its set of support measures for Singapore clients, joining DBS, Standard Chartered, OCBC who already pushed out their relief packages on Thursday. UOB had announced mid-week it would set aside S$3 billion to support small- and medium-sized enterprises (SME).

    The bank’s set of support measures aims to ease Singapore’s flow of commercial trade, which includes maturity extensions to SGD$600 million of current trade loans and 1-hour turnaround on the issuance of shipping guarantees. «Trade underpins Singapore’s economy and society. The measures that we have introduced today aim to facilitate the continued flow of trade by easing the cashflow and operational pressures faced by businesses tackling supply chain disruptions. We are committed to supporting our customers,» said Tony Cripps, Chief Executive Officer of HSBC Singapore.

    In addition, it is waiving amendment fees on Letters of Credit impacted by delays, plus providing enhanced support to enable customers to shift towards digital processing.

    On Thursday, DBS provided details of its liquidity relief packages to address their customers’ most urgent cash flow needs after the lender announced its year-end results. In particular, it will provide a six-month principal repayment moratorium for SME property loans.

    In addition, DBS will offer an extension of import facilities of up to 60 days to act as immediate cash-flow support for businesses coping with disruptions from the Covid-19 situation. These relief packages will be available to customers with good repayment histories when they apply, it added. Assistance for affected retail customers will be shared on DBS/POSB’s website from 17 February.

    Standard Chartered is looking to offer loan tenor extensions and principal moratoria of up to 12 months for affected clients with business banking installment loans upon request. Other forms of support could include bill maturity extensions of up to three months for clients with trade facilities who face delayed trade payments, waivers of business banking late fees and related charges such as restructuring costs for up to six months, and extra loans or overdrafts against their property for clients with commercial mortgages.

    For OCBC, it will offer targeted support to customers across its core markets which include Singapore, Malaysia, China, Hong Kong, and Macau. Measures include letting customers restructure their loans, providing a moratorium on principal repayment for loans, extending the due date of affected trade finance bills, and extending bridging loans in the form of additional working capital financing.

    The bank will not limit he help it will extend to customers, noting that the scale of the virus outbreak is «different from that of previous challenges» due to increased connectivity in the region, said OCBC chief executive Samuel Tsien in a media statement.

  • HSBC Offers Buffer for Hong Kong SMEs

    HSBC Offers Buffer for Hong Kong SMEs

    HSBC continues to show support for small to medium-sized businesses hit by the coronavirus outbreak in Hong Kong with additional liquidity relief of $30 billion.

    The bank said during the weekend that it would extend $3.9 billion of additional liquidity relief to affected businesses as the coronavirus outbreak has led to 36 infected individuals and one death in Hong Kong.

    According to HSBC, the initiative will target taxi and public light bus operators; borrowers of property-secured commercial loans; trade finance customers; and borrowers of import trade loans. Relief measures include temporary interest-only repayments, extensions to repayment schedules and the creation of overdraft facilities. In addition to SMEs, the bank is now mulling additional initiatives to support individuals.

    Our community needs every bit of help at this unprecedented time, said HSBC’s Hong Kong chief executive Diana Cesar in a report. We are committed to supporting our customers and will introduce more initiatives that will provide near-term relief.

    HSBC becomes the seventh local lender to announce support for the relief efforts after ICBC Asia recently said it would provide temporary interest-only payment arrangements for mortgage loan borrowers, waited or reduced credit card late payment penalties alongside improved fees and rates for investment and deposit products.

    Other lenders that have publicly announced support include Bank of China (Hong Kong), Bank of East Asia, China Citic Bank International, Hang Seng Bank and Standard Chartered.

    Efforts in Hong Kong mirror that of mainland China’s which include support from both the local financial sector as well as global players like UBS and Julius Baer. Meanwhile, the coronavirus outbreak continues to worsen with reported infections now rising beyond 40,000 and deaths exceeding 900.

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  • HSBC Singapore Launches Green Deposit Account

    HSBC Singapore Launches Green Deposit Account

    HSBC Singapore offers its first green deposit account for corporate clients on Thursday, allowing them to embark on the sustainability path. These accounts will accept the Singdollar and U.S. dollar.

    Corporate customers of HSBC in Singapore and the U.K. will have a way to support environmentally-friendly projects, as these two markets become the first that HSBC offers such products.  Deposits will finance green initiatives such as renewable energy, energy efficiency, and biodiversity conservation.

    The green deposit account enables companies to directly apportion cash savings into projects which directly benefit the environment, said David Koh, head of global liquidity and cash management in HSBC Singapore in a media statement. «Given that liquidity is critical for business operations, this is a simple and immediate solution for any corporation to begin or widen their sustainability strategy.

    Standard Chartered has a similar product named sustainable deposit offering – a deposit product linked to sustainable development goals, which it launched in Singapore last year, among other markets.

    The launch of such products comes as the need for investment in sustainable innovation and solutions becomes more urgent in South-east Asia, given the region’s susceptibility to climate change, the increasing depletion of natural resources and the growing level of natural disasters, according to HSBC. The Asian Development Bank forecasted that if left unaddressed, climate change could shave 11 percent off South-east Asia’s GDP by the end of the century.

    Despite much talk and activities around ESG-linked financial products, many banks stand accused of not doing enough to combat climate change at the World Economic Forum in Davos on Tuesday. Leaders of some big banks and other financial companies have resisted calls that they should refuse to work with clients that are major polluters.

    Mike Corbat, chief executive of Citibank, said it was not the role of banks to ensure that companies were adopting environmentally friendly business models by unilaterally cutting off finance for polluting businesses. I don’t want to be the sharp end of the spear, meaning I don’t want to have to be the one telling companies or enforcing standards in an industry or business. A bank’s job is to support the communities in which it operates. It is not to dictate outcomes,» said Corbat.

    Goldman Sachs’ chief, whose firm recently worked on the initial public offering of oil company Saudi Aramco, said the bank would not «draw a line» by refusing to advise clients that are major polluters.

    If you’re looking for a line, there’s not a line. There’s a transition that’s going on, and my view is this is going to be a multi-decade transition where we see changes in the way people allocate capital, said Goldman Sachs’ chief executive David Solomon during a panel discussion.

  • HSBC Axes 100 Equity Jobs

    HSBC Axes 100 Equity Jobs

    HSBC will offload around 100 employees in its equities business including research, sales, trading and back-office functions.vMost of the cuts will be made in the bank’s continental European trading floors, according to a report citing anonymous sources. A handful of layoffs will apply to Hong Kong.

    The bank could not comment on the matter ahead of scheduled reporting of its annual results for 2019.

    HSBC is undergoing a major cost-cutting exercise under interim chief Noel Quinn and was reportedly reviewing its equities business as part of the latest round of cuts which could total 10,000 jobs in Europe. This also follows announcements in August by the bank to layoff more than 4,700 jobs to cut 4 percent of wage costs.

    HSBC is expected to redirect its European equities business to focus on its core home market in the U.K., sources added, while retaining the trading hub in Paris to serve continental Europe. As part of Its retreat in the region, the bank will also seek to sell its French retail business and has repeatedly hired Lazard to support the estimated $1.1 billion deal.

  • Former HSBC Heavyweight Joins OCBC

    Former HSBC Heavyweight Joins OCBC

    OCBC has hired former HSBC Greater China CEO to lead a new wholesale banking unit. OCBC has appointed former HSBC Greater China chief Helen Wong as deputy president and head of global wholesale banking, The veteran with 35 years of banking experience will take the role starting from 3 Feb, 2020.

    Helen is widely regarded as a top female banker in Hong Kong with deep Greater China experience and extensive market knowledge, said OCBC group chief executive Samuel Tsien in a media statement on Wednesday.

    Wong was appointed group general manager of HSBC Group in 2011 and her last position was chief executive of HSBC Greater China, based in Hong Kong. She had held various senior management positions in corporate and investment banking at HSBC, including president and chief executive of HSBC China and head of global banking (Hong Kong).

    In her new role at OCBC, Wong will undertake global responsibilities for all banking relationships with small- and medium-sized enterprises, large corporations and financial institutions, two product groups – cash management and trade under the transaction banking business, as well as the investment banking business.

    At the same time, Ching Wei Hong, currently the Bank’s Chief Operating Officer, will be re-designated as Deputy President, said the local lender.

    This is to reflect his global responsibilities for the wealth management business, private banking under Bank of Singapore, affluent banking under OCBC Premier Banking and OCBC Premier Private Client and personal banking.

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  • HSBC Cuts ATM Services After Vandalization

    HSBC Cuts ATM Services After Vandalization

    HSBC will suspend overnight ATM services at 19 clusters in Hong Kong as a means of avoiding damages following reported vandalism against the lender perceived to be complicit in anti-protestor activities.

    The 19 clusters were pinpointed due to their closeness to popular locations for pro-democracy activities. These locations will be closed from 8 pm to 6 am on Fridays, weekends, the days before and on public holidays until further notice, according to an HSBC statement.

    This follows multiple acts of vandalism against the bank on New Year’s Day and Christmas Eve, reportedly by black-clad anti-government proponents. Most notably was damage done to the famous pair of lions that guard HSBC’s headquarters, after they were doused in flammable liquid and set alight. The bank subsequently closed two branches and seven ATM clusters.

    Whilst attacks against banks have been largely limited to Chinese state-owned lenders, the latest acts of vandalism against HSBC are widely believed to be due to perceived links between the London-headquartered financial giant and pro-Beijing efforts to stifle dissent. Such accusations were made following local police’s decision to freeze around HK$70 million ($9 million) of funds used to support the anti-government movement in Hong Kong. The account owner, Spark Alliance HK, is a renowned anti-government group set up in 2016 to support protestors.

    HSBC has repeatedly denied political involvement and recently said it was «saddened and disappointed by the acts of vandalism at its Mong Kok branch, which included graffiti that read «revenge for Spark Alliance.

    According to HSBC, its decision to comply with police instructions was not politically motivated but falls in line with global regulatory standards.

    We understand there is concern about the account closure. We closed the account in November following fund transfer instructions from the customer as the account was not being used for its stated purpose,» the bank said in a statement, according to a report.

    In December, we received notification from the enforcement agency regarding the handling of its account balance. As an international bank, the decision to close the account was in accordance with global regulatory standards. Global regulators require banks to perform due diligence reviews on customer accounts regularly.

  • HSBC Singapore Announces Digital Wealth Management Solutions

    HSBC Singapore Announces Digital Wealth Management Solutions

    Two solutions are part of the bank’s doubling of investments into digital over the past two years to better support its retail banking proposition.

    HSBC has expanded institutional analytical capabilities to retail investors in Singapore through its HSBC Wealth Portfolio Plus application, which launched in December, and is introducing the HSBC Structured Product Online Platform from Q1 2020 to allow accredited investors to invest in structured products offered by the bank, it announced in a statement on Wednesday.

    Given their work and lifestyle choices are no longer confined to one single market or region, our customers expect banking tools and wealth solutions that match their personal circumstances, Anurag Mathur, HSBC Singapore’s head of Retail Banking & Wealth Management, said about the new digital solutions the bank is rolling out.

    In the past two years, HSBC has made significant investments in enhancing its digital capabilities globally. In the first half of the year, HSBC spent $2.2 billion on digital solutions, up 17 percent from the same period for 2018, the bank said. A considerable proportion» of its investments in this area has been in Singapore, one of the bank’s eight scale markets.

    Singapore is often used as the pilot site for the development of digital solutions that will strengthen our foothold as the Asian wealth hub serving HSBC customers with international needs, Mathur said.

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  • HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Private Bank appointed four senior executives to strengthen the key areas of family advisory services and philanthropy within the Private Wealth Solutions business in Asia Pacific.

    As part of its push to grow its private banking business in the Asia Pacific, HSBC announced four senior hires on Monday. Aik-Ping Ng joins as Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific while Edith Ang will be Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific, the bank said in a media statement on Monday.

    Both of them will work with client families to develop long-term succession plans, which includes providing the highest standard of advisory on establishing and professionalizing family offices, trusts and estate planning, family governance and preparing for the transition of responsibility to the next generation.

    Aik-Ping Ng has over 17 years of international and China-based experience in private equity, corporate finance, strategic M&A, family office advisory and asset management to HSBC. Most recently, Ng was a Senior Advisor at UBS, working with Ultra High Net Worth (UHNW) clients in the formulation, review, and implementation of family office solutions.

    Edith Ang joins HSBC after 13 years at UBS, where she worked with UHNW families in Asia on the formulation, review, and implementation of family legacy solutions.

    In addition, Dorothy Chan has been appointed to be Head of Philanthropy Advisory and Charitable Services, Asia Pacific, while Christine Wong will take up the role of Head of Greater China Market, Private Wealth Solutions. Dorothy Chan succeeds Cynthia D’Anjou-Brown, the previous head, as the latter will retire from HSBC in December this year after almost 15 years of service.

    As a leading private and institutional client trustee platform, we are dedicated to building lasting relationships with HNW and UHNW families to identify the solutions to support them across the generations,» said Cynthia Lee, Regional Head of Private Wealth Solutions, the Asia Pacific in a media statement.

    Dorothy Chan joins HSBC after 19 years of experience in a variety of senior roles in the private, public and not-for-profit sectors. She previously worked at Galaxy Entertainment as Vice President, Corporate Relations. Chan has deep experience working with a number of leaders to define a vision and create solutions that contribute to the sustainable development of a range of diverse communities.

    Working closely with HSBC’s teams in EMEA and the Americas, Chan will help drive coordinated philanthropy efforts including building charities and connecting. She will also lead the team supporting clients in the development of their charitable goals.

    Christine Wong joins HSBC from Credit Suisse, where she was Director of Trust and Estate Advisory Team for the Greater China Market. Prior to joining HSBC, she gained 25 years of experience in cross-border trusts in senior wealth planner roles at Credit Suisse, Edmond de Rothschild, UBS, and J.P. Morgan.

    She also has served as Managing Director of the Asiaciti Trust group’s Hong Kong office with responsibility for the fiduciary management and trust operations of the business. In her new role, Christine Wong will be integral to the further development of HSBC’s Private Wealth Solutions business in Greater China.

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  • HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Private Bank appointed four senior executives to strengthen the key areas of family advisory services and philanthropy within the Private Wealth Solutions business in Asia Pacific.

    As part of its push to grow its private banking business in the Asia Pacific, HSBC announced four senior hires on Monday. Aik-Ping Ng joins as Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific while Edith Ang will be Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific, the bank said in a media statement on Monday.

    Both of them will work with client families to develop long-term succession plans, which includes providing the highest standard of advisory on establishing and professionalizing family offices, trusts and estate planning, family governance and preparing for the transition of responsibility to the next generation.

    Aik-Ping Ng has over 17 years of international and China-based experience in private equity, corporate finance, strategic M&A, family office advisory and asset management to HSBC. Most recently, Ng was a Senior Advisor at UBS, working with Ultra High Net Worth (UHNW) clients in the formulation, review, and implementation of family office solutions.

    Edith Ang joins HSBC after 13 years at UBS, where she worked with UHNW families in Asia on the formulation, review, and implementation of family legacy solutions.

    In addition, Dorothy Chan has been appointed to be Head of Philanthropy Advisory and Charitable Services, Asia Pacific, while Christine Wong will take up the role of Head of Greater China Market, Private Wealth Solutions. Dorothy Chan succeeds Cynthia D’Anjou-Brown, the previous head, as the latter will retire from HSBC in December this year after almost 15 years of service.

    As a leading private and institutional client trustee platform, we are dedicated to building lasting relationships with HNW and UHNW families to identify the solutions to support them across the generations, said Cynthia Lee, Regional Head of Private Wealth Solutions, the Asia Pacific in a media statement.

    Dorothy Chan joins HSBC after 19 years of experience in a variety of senior roles in the private, public and not-for-profit sectors. She previously worked at Galaxy Entertainment as Vice President, Corporate Relations. Chan has deep experience working with a number of leaders to define a vision and create solutions that contribute to the sustainable development of a range of diverse communities.

    Working closely with HSBC’s teams in EMEA and the Americas, Chan will help drive coordinated philanthropy efforts including building charities and connecting. She will also lead the team supporting clients in the development of their charitable goals.

    Christine Wong joins HSBC from Credit Suisse, where she was Director of Trust and Estate Advisory Team for the Greater China Market. Prior to joining HSBC, she gained 25 years of experience in cross-border trusts in senior wealth planner roles at Credit Suisse, Edmond de Rothschild, UBS, and J.P. Morgan.

    She also has served as Managing Director of the Asiaciti Trust group’s Hong Kong office with responsibility for the fiduciary management and trust operations of the business. In her new role, Christine Wong will be integral to the further development of HSBC’s Private Wealth Solutions business in Greater China.

  • HSBC Reshuffles Senior Team

    HSBC Reshuffles Senior Team

    In preparing the groundwork for a new direction under its next chief, HSBC Holdings has started to reshuffle top management.

    The bank is expected to announce the retirement Marc Moses, chief risk officer, and board member, according to a report in quoting people familiar with the situation. He is likely to be replaced by Pam Kaur, head of wholesale market and credit risk.

    Moses’ departure would mark the most senior exit from the business since the ouster of former chief executive John Flint. Chairman Mark Tucker said the bank needed a change of leadership to adapt to an increasingly complex business environment. Moses’s departure has been in the works since before Flint’s, and Kaur has been preparing to replace him for several months, one of the people said.

    HSBC’s new chief could focus more of its resources on Asia, where it reckons it can make a better return on its shareholders’ capital. Tucker told employees at an internal meeting recently that more than 30 percent of the bank’s capital was generating returns of less than 1 percent.

    HSBC’s interim Chief Executive Officer Noel Quinn, is reviewing the entire business. Quinn is aiming to get the top job on a permanent basis and is considered one of the front-runners for the post. Speaking in an internal video in October, Quinn told staff that he was more than a «caretaker» CEO.

    Gregory Guyett and Georges Elhedery will jointly run the unit once Samir Assaf steps down. Guyett is currently head of global banking, while Elhedery runs HSBC’s global markets business.

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