22 February 2021

HSBC announces Kee Joo Wong as CEO for HSBC Singapore

The Hong Kong and Shanghai Banking Corporation (HSBC) has announced Mr Kee Joo Wong as Chief Executive Officer for HSBC Singapore, subject to regulatory approval.

This follows the recent appointment of Tony Cripps as the Managing Director of Saudi British Bank1, which is to take effect from 4 April, 2021.

Mr Kee Joo Wong IS APPOINTED as Chief Executive Officer for HSBC Singapore

Mr Wong, a Singaporean, will assume duties with HSBC Singapore on 1 June. In the interim, HSBC Singapore’s Chief Operating Officer, Olfert De Wit, will act as HSBC Singapore’s interim Chief Executive Officer. This is also subject to regulatory approval.

Mr Wong has more than 26 years of banking experience across different markets including the UK, Thailand, Hong Kong and China, and is currently HSBC’s Regional Head of Global Payments and Cash Management (GLCM) for the Asia Pacific region - a role he has held since January, 2015.

In his current role, Mr Wong leads the region’s cash management specialists to drive innovative digital solutions catering to wholesale banking clients and their eco-systems, and has revenue responsibilities of more than USD4 billion per annum.

Prior to this, Mr Wong was the Head of GLCM for HSBC China between 2010 and 2015, a strategic priority market for HSBC globally.

Commenting on the appointment, HSBC’s CEO for Asia Pacific, Peter Wong, said: “Singapore is central to our ambitious growth plans in the region. We will be increasing our investment in both people and technology as we continue to strengthen our wholesale banking services, particularly for multinational corporations headquartered in the country, and to grasp the growing wealth management opportunities in Southeast Asia and beyond.”

“Kee Joo’s most recent role as Asia-Pacific head for Global Liquidity and Cash Management means he has strong experience in developing digital solutions for wholesale clients and supporting the trade and investment flows between China and ASEAN, which has become the world’s most important commercial corridor. This experience means Kee Joo is perfectly suited to help clients capture the rising commercial, wealth and digital opportunities that Singapore and the region presents.”

In the past three years, HSBC has increased its investment in headcount, technology and its proposition across the Singapore business which has resulted in strong underlying revenue growth for the franchise and for the wider Southeast Asia business. Investment has included:

  • Increasing its headcount by around 10%
  • Enhancing its personal wealth proposition through a revamp of its retail branch network, mobile technology upgrades and key people hires
  • Launched offshore booking centre capabilities across its Global Banking and Commercial Banking businesses
  • Increased its Southeast Asia capability and coverage with key hires across Global Banking, Markets, Private Banking, Global Trade and Receivables Finance, Global Liquidity and Cash Management
  • Took over as anchor tenant of Marina Bay Financial Centre, Tower 2
  • Developing its sustainable finance coverage and proposition including participating in market-first green transactions for Southeast Asia companies and sovereigns, and launching market-first products including dedicated green loan and deposit products for SMEs

Notes for editors

1 HSBC is the largest shareholder of the Saudi British Bank, with a 31% stake.

2 Singapore is well positioned as a global wealth, trade and commercial hub

  • Of the 37,400 international companies in Singapore, 7,000 are Multi-National Corporations and 60% have regional responsibilities
  • The number of middle class households within Southeast Asia are forecast to double to 120 million by 2025
  • Singapore is the fastest growing offshore wealth booking centre, a lot of the wealth will be managed out of Singapore, according to CapGemini
  • More than two-thirds of infrastructure financing for Southeast Asia is arranged out of Singapore