Gender, diversified: Celebrating the future of banking
The Asian Private Banker of the Year, Siew Meng Tan, is a strong advocate for gender diversity. With HSBC providing the platform to employees to serve without bias, there is plenty of reason to celebrate the progress that has ensued.
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International Women’s Day is a fitting time to consider the story of Siew Meng Tan, Regional Head of HSBC Private Banking in Asia Pacific. Although the message of gender diversity has taken time to break through the sound barriers of the private banking sector in Asia, it is finally being heard. Loud and clear. Both in the work of Tan as well as the strategic focus of HSBC Private Banking.
Being a female banker with extensive experience in Asia Pacific, Tan’s commitment to achieving greater gender diversity is proving effective. Today, 45% of the leadership roles in HSBC’s private banking division are held by women.
But female representation is more than a statistic. It is a prerequisite for delivering value to the Bank’s private clientele. According to Tan, private banking is seeing an increasing number of female clients desiring to deal with and learn from other women. Diversity, in this sense, allows Tan and her team to create the right “chemistry” between the client and their relationship manager and thus deliver genuine value.
An extra-ordinary way here
Tan comes from a background in commercial banking. Her career with HSBC began in Singapore, where she worked in global banking and later as head of the firm’s commercial banking division, serving multinational as well as local corporations.
She then moved on to her first overseas post - a “really big opportunity” - as country head of HSBC’s Mauritius operations. Tan’s next steps brought her to Thailand, where she served again as country head, and then onto Hong Kong, where she served as the Asia-Pacific regional head of trade finance.
Now in private banking, an atypical post for someone of Tan’s background, she is thriving, having recently received the 2019 Private Banker of the Year Award by Asian Private Banker Awards for Distinction. The reason? Certainly, it can be no coincidence that a significant proportion of HSBC private banking clients in Asia run or own businesses that have established commercial banking histories with the firm.
Giving momentum to diversity
In her current role, Tan manages a team of some 1,400 individuals. To tap their collective potential, Tan views gender diversity as a strategic necessity. In her own words, “If you are able to pull together a group of competent people from diverse backgrounds, then you are going to have a much richer discussion and conversation, because you then get diversity of thoughts.”
Being in the solutions business, private banking is at its best when different viewpoints can be aired and discussed. Which is to say that more and better client solutions are possible when people are encouraged to share their views and explore new ways of doing things. According to Tan, HSBC Private Banking has “really good, diverse representation” across its ranks. Not only is over 50% of its staff women, the team also enjoys a pool of professionals from a wide range of ethnic and professional backgrounds.
This broad pool of experience and perspective is a net positive for the work of HSBC Private Banking, which reflects the values and aspirations of the wider HSBC organisation. While Private Banking in Asia has long exceeded the mark, globally, the HSBC Group is nearing its stated goal of 30% female leadership representation in its ranks. Reaching this landmark would be a big win for champions of diversity like Tan, who have been observing a lack of female representation in banking for decades.
However, this progress is not just a matter of ticking checkboxes or otherwise skirting the Bank’s typically rigorous approach to hiring talent. According to Tan, “It all starts with hiring where we are making a conscious effort to ensure that every time we create a shortlist of candidates to interview, it is balanced and well-represented.” The same, she says, goes for promotions. Embedding the goal of diversity into the process of hiring and promoting is the surest way to uphold, if not advance, the ideal of meritocracy.
A diversity of approaches
Expanding the digital capabilities
A diverse client base requires the full breadth of wealth management services, backed by a strong digital offering. To better serve the full continuum of wealth needs of HSBC’s client base, including the need for greater digital solutions, Private Banking recently combined with the retail banking and wealth management division. The new business, Wealth and Personal Banking, is immediately one of the world’s largest global wealth managers, with USD 1.4 trillion in assets. HSBC Private Banking will continue to operate as a distinct unit with its own brand, serving the needs of high net worth and ultra-high net worth clients. Tan sees it as a game changer in delivering a better digital offering. “One of the key benefits for our Private Banking clients is that they will soon benefit from the considerable progress the retail business has made in relation to digital solutions,” she says. “We look forward to bringing the very best digital capability to our clients, to complement our continued personalised focus.”
A cause for celebration
2019 was an exceptional year for HSBC Private Banking. The Bank’s reception of a host of honours at the 2019 Asian Private Banker Awards for Distinction was a notable highlight of its successes in different areas. In addition to Tan being designated Asian Private Banker of the Year, the Bank was acclaimed Best Private Bank Hong Kong, as well as Best Private Bank in Wealth Planning Services, Fixed Income Advisory, and Alternative Advisory. HSBC Private Banking also awarded Best Private Bank Hong Kong for the 11th consecutive year by Finance Asia.
Not only is HSBC Private Banking proving a bright light across the private banking landscape in Asia, but Tan’s personal commitment to diversity and the value it brings is worth celebrating. On this occasion of International Women’s Day 2020, we have the opportunity to do just that.
Disclaimers
The information contained in this article has not been reviewed in the light of your individual circumstances and is for information purposes only. It does not purport to provide legal, taxation or other advice and should not be taken as such. No client or other reader should act or refrain from acting on the basis of the content of this article without seeking specific professional advice. Issued by The Hongkong and Shanghai Banking Corporation Limited.