HSBC appoints new Directors to its Board
In addition to his Executive Directorship, Mr Wong – a Singaporean – assumed duties as Chief Executive Officer of HSBC Singapore on 1 June 2021. Mr Wong has more than 26 years of banking experience across different markets including the UK, Thailand, Hong Kong and China, and was most recently HSBC’s Regional Head of Global Payments and Cash Management (GLCM) for the Asia Pacific region – a role he has held since January 2015.
Mr Ngan has more than 26 years of professional services experience, including stints with Ernst & Young (EY) in Singapore and Canada. Prior to his retirement, he led EY Financial Services Assurance practice overseeing 1,300 audit professionals across ASEAN, including Singapore. Mr Ngan was also a member of the EY Leadership team managing the Financial Services Assurance practices across Asia Pacific.
Mr Mukhtar Hussain, Chairman of HSBC Bank (Singapore) Limited, and HSBC’s Group General Manager, Head of Belt & Road Initiative and Business Corridors, Asia Pacific, said: “Our commitment to Singapore as a strategic priority market for HSBC remains unchanged. As we head into our next phase of growth, Kee Joo’s extensive regional experience in wholesale banking will further strengthen our ability to tap HSBC corporate clients’ personal banking and wealth needs for growth.”
Mr Hussain continued: “Winston’s deep knowledge of Singapore’s banking regulatory requirements will ensure that we have a robust audit framework and the necessary internal controls in place. One that not only supports accelerated business growth, but also enable us to nimbly mitigate new challenges as our business evolves and undergoes transformation.”
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 billion1. In 2020, Asia generated nearly half of HSBC’s USD1.6 trillion in wealth balances and 65% of the Group’s wealth revenues.
Similarly, since HSBC Singapore unveiled its plan to grow the Wealth and Personal Banking business in 20182, the bank has successfully expanded its frontline wealth teams, which include both retail and private banking relationship managers and investment specialists, and grown total wealth balances3 at double-digit annualised rates within 3 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.
Key growth drivers:
- Grow frontline wealth teams supporting high net worth (HNW) and ultra-high net worth (UHNW) customer segments
- HSBC’s strong Asia presence connected to global footprint c50 markets
- Accelerate growth in offshore customer segments, in particular overseas Chinese and Indians, and UHNW marketshare
- Ramp up digital banking capabilities and expand product and solution suite, including adding more ESG-themed investments
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
- In February 2021, HSBC announced plans to invest over USD3.5 billion in the next five years to accelerate the growth of its WPB business in Asia. These investments will focus on expanding our wealth teams to increase distribution capabilities in Hong Kong, mainland China, and Singapore, enhancing our digital wealth capabilities and platforms across Asia and developing new products to deliver a distinctive wealth experience across the full client spectrum.
- HSBC is ranked first in Asia Wealth Continuum (ex-China onshore) league table from Asian Private Banker 2020. It includes client assets classified as “wealth” or “wealth management” assets, held by retail banks (with a private banking facility) across client segments and increasingly serviced from an integrated platform.
- In 2018, HSBC announced the launch of a new global business, Wealth and Personal Banking, which combines Retail Banking and Wealth Management, and Global Private Banking, to become one of the world’s largest global wealth managers with USD1.4 trillion in assets, with nearly half of the assets from Asia4.
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 10 dedicated HSBC Premier Centres and 2 HSBC Jade Centres including a Premier International Centre as well as many locations across the island providing self-service terminals.
About The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. 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 $2,959bn at 31 March 2021, HSBC is one of the world’s largest banking and financial services organisations.
1Asian Private Banker, 2020 Wealth Continuum AUM League Table
2 HSBC Singapore Press Release: “HSBC Singapore sets ambitious plan to capture Asian Wealth”
3 “Wealth Balance” is defined as “Retail banking deposits and AUM, GPB client assets and HSBC Asset Management AUM in Singapore”
4 HSBC Press Release: “HSBC creates wealth powerhouse to tap Asia opportunity”