HSBC appoints first Independent Board Chairman
Mrs Penny Goh is HSBC Bank (Singapore)’s first Independent Board Chairman to be appointed
Mrs Goh was first appointed as an Independent Non-Executive Director of HSBC Bank (Singapore) in August 2019, and is a member of its Audit and Risk Committees.
Mrs Goh was formerly the Co-Chairman and Senior Partner of Allen & Gledhill LLP, heading up its Corporate Real Estate Practice. She has extensive board and board leadership experience and is the current Chair of Keppel REIT Management Ltd, the manager of Keppel REIT, a Singapore-listed REIT. She is also an Independent Director of Keppel Corporation Limited and a member of its Audit and Risk Committees, and a Director of Keppel Land Limited and Singapore Totalisator Board.
Mr Kee Joo Wong, CEO and Executive Director of HSBC Bank (Singapore), said: “Penny will be the first Independent Chair of HSBC Bank (Singapore) – a fitting reflection of her strategic navigation of the Bank. Drawing on her experience, skills and expertise spanning law, management and strategic planning, Penny has played a key role in the Board’s stewardship of our retail banking business. Her intimate knowledge of the Singapore market will help further accelerate our ambition to be the leading international bank supporting our clients’ wealth management needs.”
Mr Wong added: “I would also like to take the opportunity to thank Mervyn for his contributions over the duration he’s served on the HSBC Bank (Singapore) Board. Under Mervyn’s guidance as the Risk Chairman, we continued to bolster our risk, governance controls and culture which are crucial in support of continued business growth acceleration.”
2021-2025 Growth Ambition
Building from a position of strength, HSBC today is Asia’s leading bank across the wealth continuum (Mass affluent/HNW/UHNW segments) with a combined AUM of US$488 billion2. In 2020, Asia generated nearly half of HSBC’s USD1.6 trillion in wealth balances and 65% of the Group’s wealth revenues.
As a key market for HSBC’s Asia Wealth ambitions, HSBC Singapore has successfully expanded its frontline wealth teams and grown total wealth balances3 at double-digit annualised rates over the past three years.
In its next phase of growth, HSBC Singapore aims to double the total wealth balances of its Wealth and Personal Banking business in the next five years. This will be enabled through its acquisition of AXA Singapore, the widening of its Asset Management solutions and expertise, and enhanced digital and mobile capabilities.
Media enquiries to:
Daniel Fitzpatrick | Head of Communications | Daniel.fitzpatrick@hsbc.com.sg
Betty Fong | +65 6658 4103 | betty.c.y.fong@hsbc.com.sg
Note to Editors:
1 HSBC Bank (Singapore) Limited is a wholly-owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited and includes its Wealth and Personal Banking business in Singapore (previously known as Retail Banking and Wealth Management business in Singapore). It was formed when the bank locally incorporated its retail operations in May 2016.
2 Asian Private Banker, 2020 Wealth Continuum AUM League Table
3 “Wealth Balance” is defined as “Retail banking deposits and AUM, Global Private Banking assets and HSBC Asset Management AUM in Singapore.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,969bn at 30 September 2021, HSBC is one of the world’s largest banking and financial services organisations.