Home / Business and Economy / HSBC Appoints Wealth Expert as New Hong Kong CEO to Drive Growth
HSBC Appoints Wealth Expert as New Hong Kong CEO to Drive Growth
5 Sep
Summary
- HSBC reshuffles senior executives to strengthen wealth management
- Maggie Ng to become HSBC Hong Kong CEO, replacing Luanne Lim
- Hang Seng Bank faces higher property credit losses
In a strategic move to strengthen its wealth management operations, HSBC, the biggest lender in Hong Kong, has announced a reshuffle of its senior executives. Effective next month, pending regulatory approval, Maggie Ng will assume the role of HSBC Hong Kong CEO, in addition to her current duties as the head of retail banking and wealth for the Hong Kong unit.
Ng's appointment comes as the bank's subsidiary, Hang Seng Bank, faces higher property credit losses. Luanne Lim, the current HSBC Hong Kong CEO, will now take on the CEO role at Hang Seng Bank, replacing Diana Cesar. Cesar, who previously served as the CEO of HSBC Hong Kong for seven years, will return to HSBC as the vice-chairman of Hong Kong, where she will advise the co-CEOs of Asia and the Middle East.
The reshuffle reflects HSBC's commitment to expanding its wealth management business, as the fee income from selling investment products is growing faster than the traditional lending business. Ng, who joined HSBC in 2020, has a proven track record in delivering growth, improving customer advocacy, driving digital transformation, and effectively managing risks in the bank's largest retail banking and wealth management market.
In the first quarter of 2023, HSBC added 300,000 customers to its 6 million Hong Kong client base, as mainland visitors crossed the border to buy wealth products, insurance, and other investments in the city.
