Strategy
HSBC Rejigs Private Banking Structure In Asia-Pacific
HSBC Global Private Banking has shaken up its management structure in the Asia-Pacific region, moving away from its model of two separate booking centres.
HSBC Global Private Banking has announced a range of management changes in its Asia-Pacific region, melding its two booking centres in the region. The changes take effect immediately.
“These changes are driven by the strategic importance of Asia as a priority growth region for GPB [global private banking] and HSBC. The region is a dynamic geography for wealth creation and HSBC is ideally placed to capture this business, in close collaboration with colleagues in all the global businesses,” the bank said in a statement yesterday.
“For historical reasons, the private bank business was run as two separate booking centres out of North and South Asia. We are bringing these together into a single region for strategic alignment,” it said.
Bernard Rennell, who is chief executive of GPB North Asia, has been appointed as regional head of global private banking, Asia-Pacific, the statement said. Rennell will continue to be based in Hong Kong and will report to Peter Boyles, CEO of global private banking, and Peter Wong, chief executive, The Hong Kong and Shanghai Banking Corporation.
Rob Ioannou and Sandeep Sharma are promoted to Co-heads of GPB Southeast Asia, reporting functionally to Rennell, regional head of GPB and locally to Guy Harvey-Samuel, group general manager and CEO, HSBC Singapore. Both will continue to be based in Singapore. Ioannou was formerly GPB business head for Singapore, while Sharma was formerly GPB business head for India. Amit Gupta, currently CEO of GPB South Asia, has decided to take a sabbatical from HSBC for personal reasons.
"HSBC remains fully committed to continuing to grow the private banking business in Singapore and the region, and we have in place a leadership team with a strong track record of success. These changes will serve to enhance the day to day dealings of our clients and the level of service that we offer them," the bank added.