The new figure, who replaces a colleague moving to another senior wealth job at HSBC, has spent more than a quarter of a century at Citigroup in a variety of roles in Asia and other parts of the world.

HSBC Private Banking has appointed former senior Citigroup figure Jyrki Rauhio as regional head of credit advisory for Asia-Pacific, taking effect on 2 November 2020.

Rauhio has worked for more than 25 years at Citigroup in roles across multiple cities spanning Helsinki, New York, Warsaw and London, including more than 12 years in Hong Kong and Singapore. In the last decade, Rauhio has had various senior leadership roles as managing director in Citi Private Bank - in London as global chief operating officer; in Hong Kong as head of investment finance and banking Asia-Pacific; and most recently, in Singapore, as head of South Asia.

He will replace Desiree Lam, who will take up a new role within HSBC Private Banking working directly with Siew Meng to drive HSBC’s Asia wealth strategy. Rauhio will report to Siew Meng, and Daniel Mentha, global head of credit advisory, global private banking.                                                                                                                                 
“Jyrki joins us at an exciting time to help us deliver on our ambitions to be the leading wealth manager in Asia,” Siew Meng Tan, regional head of HSBC Private Banking, Asia-Pacific, said. 

“In the next three to five years, we expect the loan book to significantly increase in line with the growth of AuM as we accelerate the execution of our Asia wealth strategy. We also expect to offer more bespoke lending solutions to meet the needs of the UHNW segment and sophisticated institutional family offices. We will continue to invest to build our expertise to support this growth sustainably and safely.”

Earlier this week HSBC issued its third-quarter financial results.