HSBC grooms top bankers for make-or-break push into China
- An informal search for Peter Wong’s successor is under way
- David Liao and Mark Yunfeng Wang are among a handful of contenders in the running to steer HSBC’s expansion in mainland China
As HSBC Holdings pins its future on China, Europe’s largest bank is grooming a set of well-connected bankers to navigate its fraught relationship with Beijing in the long run.
David Liao and Mark Yunfeng Wang, heads of Asia Pacific global banking and its China operations, respectively, are among a handful of contenders in the running to steer HSBC’s expansion in the crucial mainland and Hong Kong markets, according to people familiar with the matter.
The 69-year-old Wong, who’s viewed as difficult to replace and has previously extended his tenure, is mentoring both Liao, 48, and Wang, 55, to strengthen the China bench ahead of his eventual retirement, the people said. The lender is casting a wide net both within its ranks and beyond, one of them said. HSBC declined to comment.
A seamless transition is crucial for the 156-year-old bank, which is hearkening back to its roots with a historical restructuring that will steer billions of dollars in capital toward Asia, while shrinking or exiting unprofitable US and European operations. Central to this is capitalising on China’s burgeoning affluence and its plans to create an economic powerhouse by linking Hong Kong closer to mainland cities such as Shenzhen and Guangzhou in the Greater Bay Area.
