HSBC reshuffles leadership with wealth head Maggie Ng taking on Hong Kong CEO role
The reshuffle comes as a prolonged slump in the property market in Hong Kong has proven to be a drag on Hang Seng’s loan book
HSBC, the biggest lender in Hong Kong, announced a reshuffle of its senior executives to strengthen its wealth management business, as subsidiary Hang Seng Bank faces higher property credit losses.
Starting next month and contingent on regulatory approval, Maggie Ng would assume the role of HSBC Hong Kong CEO, in addition to her existing duties as head of retail banking and wealth for the Hong Kong unit, the bank said on Thursday.
Ng will replace Luanne Lim, who will take on the CEO role at HSBC’s subsidiary Hang Seng Bank, replacing Diana Cesar.
Cesar will return to HSBC as vice-chairman of Hong Kong to advise the two co-CEOs of Asia and the Middle East, David Liao and Surendra Rosha. Before being assigned to Hang Seng in September 2021, Cesar served as CEO of HSBC Hong Kong for seven years.
“We are already the market leader in Hong Kong, and have substantial further opportunities to invest and grow,” Liao said in a statement announcing the appointments.
“The appointment of a wealth expert to head the Hong Kong unit 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,” said Tom Chan Pak-lam, permanent honourable president of the Institute of Securities Dealers, an industry body for brokers.