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
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’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.
“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.
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.
