HSBC Singapore Names Head of Wealth and Personal Banking Business
HSBC announces the appointment of Ashmita Acharya as Head of Wealth and Personal Banking (WPB), Singapore, with effect 18 January 2023.
Ashmita joins HSBC from Citibank where she has built 20 years of international banking experience. She was most recently Retail Banking Head for Singapore, where she was responsible for wealth management and mortgage business growth in the city state. Prior to that, she was Asia Pacific Head of Retail Segments, leading acquisition, segment proposition, client engagement and analytics for all 17 businesses in the Asia Pacific, Europe, and Middle East regions.
HSBC Singapore CEO, Wong Kee Joo, said: “Ashmita’s extensive experience across retail and wealth strategy, client proposition, digital experience and product development will help to propel our Wealth and Personal Banking strategy encompassing mass and emerging affluent and high net worth segments at a time when we have enormous ambitions to leverage Singapore’s position as a global wealth and sustainability hub for our clients in the region.
Our ambition is to deliver the full strengths of the Bank through a compelling integrated offering, new digital capabilities and a comprehensive range of solutions that support client needs anywhere in the world at every stage of their wealth journey.”
Ashmita will report to both Wong Kee Joo, CEO, HSBC Singapore and Greg Hingston, CEO, HSBC Global Insurance and Partnerships, and Interim Head of WPB, South Asia.
HSBC Singapore offers the full breadth of Wealth and Personal Banking including retail banking, wealth management, insurance, asset management and global private banking. HSBC aims to double its wealth business in Singapore by 2025 and is key in connecting clients to international opportunities. Equally, the Bank is targeting double-digit growth in its commercial banking business in Singapore.
Ashmita Acharya as Head of Wealth and Personal Banking (WPB)
HSBC continues to invest in Asia and has earmarked USD 6 billion in investments over a 5-year period from last year, with half allocated to South and Southeast Asia.
HSBC completed the strategic acquisition of AXA Singapore earlier this year to broaden its insurance product capability and distribution reach, to accelerate the scale up of its broader wealth business in Singapore.
Media enquiries to:
Betty Fong, HSBC Singapore | betty.c.y.fong@hsbc.com.sg
Carina Koh, HSBC Singapore | carina.koh@hsbc.com.sg
Note to editors:
About HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore’s financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of six dedicated HSBC Premier Centres, a HSBC Jade Centre @ Claymore including International Wealth Hub as well as many locations across the island providing self-service terminals.
HSBC Holdings plc
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,992bn at 30 September 2022, HSBC is one of the largest banking and financial services organisations in the world.