HSBC Holdings Plc (0005.HK) (HSBA.L), Europe’s biggest bank, is moving the head of its private bank to Hong Kong from London as part of leadership reshuffle which named new heads for its Asian and European units.
Chris Meares, chief executive of Global Private Banking, will move to Hong Kong to oversee a regional leadership transition but the business’ head office will remain in London, the bank said on Thursday.
“Given the importance of Asia to HSBC and the potential business growth in the region, Meares will move to Hong Kong to oversee the leadership transition,” it said in a statement.
Meares will follow the group chief executive, who moved to Hong Kong from London earlier this year. Other senior management have moved to Asia, but the bank has stopped short of moving its global headquarters away from London.
The changes come a month after the bank appointed a new chair, chief executive and finance director.
Many global banks have looked to Asia with its rapid economic growth rates to offset sluggish markets in Europe and North America.
Private banks, which provide premium personal banking services to rich individuals and their families, have raced to gain market share among Asia’s fast-growing population of tycoons.
HSBC also appointed Alexandre Zeller to the newly created position of CEO for private banking in Europe, Middle East and Africa. Zeller will continue to be country manager for Switzerland, based in Geneva.
Desmond Liu, currently the private bank’s market head for greater China, will become head of private banking for north Asia.
Nancie Dupier will become head of southeast Asian private banking from her current post as head of global private banking in Singapore.
Liu and Dupier replace Monica Wong, who has decided to retire, the bank added.
Category: Hong Kong