HSBC Bank (Singapore) Limited1 is a wholly-owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited and includes its Retail Banking and Wealth Management business in Singapore. It was formed when the Bank locally incorporated its retail operations here in May 2016.
In addition to being HSBC Bank (Singapore) Chairman, Mr Hussain is Head of Belt and Road Initiative (BRI) for HSBC Asia Pacific. Prior to this appointment in April 2018, he was Chief Executive Officer for HSBC’s businesses in Malaysia – a role he held since 2009.
Tony Cripps, HSBC’s Chief Executive Officer for Singapore, said: “We are very pleased to have Mukhtar oversee our locally incorporated Singapore business. His presence, experience and counsel will go a long way to support our three-year growth plans – not just for Retail Banking – but across all of our business lines.”
“On the consumer banking side, we will be able to draw upon his deep regional knowledge to provide effective oversight of our strategy to capture the personal wealth that is flowing from ASEAN markets into Singapore. On the institutional side, his role in spearheading HSBC’s regional activity in support of BRI will be invaluable in advising Singapore on how it can further position itself as a strategic partner of this multi-decade investment programme.”
In March 2018, HSBC Singapore publically announced its new three-year country strategic plan which is anchored around the role Singapore is playing in supporting the macro-economic and structural developments that are underway in ASEAN, which includes supporting:
HSBC Singapore subsequently announced in September 2018 its ambition to double its wealth business and add 400 customer-facing staff across its Retail Banking and Wealth Management and Private Banking business lines over the next five years.
Commenting on his appointment, Mr Hussain said: “Over the past 140 years, HSBC has had a rich and important role in Singapore’s economic development – a role that it wants to continue, so I am honoured to be its Chairman. I hope that my experience across HSBC, first-hand knowledge of ASEAN, and involvement in key strategic themes for the region and the bank will be able to help steer the strategic direction of the bank in future.”
Mr Hussain first joined HSBC in 1982 and, during his 36 years with HSBC, has worked in a number of businesses and geographies including the UK, the Middle East and North Africa. In his most recent roles, he was the Deputy Chairman HSBC Bank Middle East Limited and Global Chief Executive Officer of HSBC Amanah.
Mr Hussain will maintain his position as Non-Independent Executive Director of HSBC Bank Malaysia Berhad and HSBC Amanah Malaysia Berhad. He succeeds Guy Harvey-Samuel who will be stepping down as Director and Chairman of HSBC Bank (Singapore) Limited.
1 HSBC Bank (Singapore) Limited will be hereafter referred to as “HSBC Bank (Singapore)”