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Banking & finance
BusinessBanking & Finance

HSBC appoints Greater Bay Area head to capture cross-border lending, wealth management business

  • Daniel Chan currently heads bank’s business and commercial banking division in Hong Kong
  • Hong Kong banks are appointing proven leaders as they prepare for the soon-to-be launched Wealth Management Connect scheme: analyst

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The Greater Bay Area is ‘an area of strategic priority for HSBC’, the bank’s CEO for Hong Kong says. Photo: Bloomberg
Enoch Yiu

HSBC, the largest bank in Hong Kong, has announced the set up of a Greater Bay Area office, which will be headed by Daniel Chan Hing-yiu.

Chan, who currently heads its business and commercial banking division in the city and has worked with HSBC for 30 years, will start in his new post next month, according to a statement on Monday. He will relocate to Mainland China’s southern Guangdong province to set up the new office. The lender has not yet decided on a city.

Chan’s appointment comes amid a flurry of activity by the city’s banks, which are gearing up to tap new lending and cross-border wealth management business in the Greater Bay Area development zone. The area, which has a total population of 72 million, had a combined economy of US$1.7 trillion – or the world’s 11th largest economy – in 2019.

Last week, Bank of East Asia said Christine Lo, its head of retail lending, will head its office in the development zone. Standard Chartered Bank created the role of chief executive for the Greater Bay Area in August last year, and appointed Anthony Lin, its former Taiwan CEO, to the position in October.

“The banks in Hong Kong are appointing proven leaders for the bay area, as they prepare for the soon-to-be launched Wealth Management Connect scheme,” said Tom Chan Pak-lam, the chairman of industry body Institute of Securities Dealers.

Daniel Chan has worked with HSBC for 30 years and will start in his new post next month. Photo: Handout
Daniel Chan has worked with HSBC for 30 years and will start in his new post next month. Photo: Handout

The scheme, expected this year, will allow bay area residents to invest in wealth management products through banks in Hong Kong and Macau, while investors in these cities will be able to invest in wealth management products offered by mainland Chinese banks.

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