Mukhtar Hussain, Chairman of HSBC Bank (Singapore), and HSBC’s Asia Pacific Head for Belt and Road Initiative, said: "Our commitment to Singapore as a strategic priority market for HSBC remains unchanged. Karen’s extensive experience and networks especially in finance and healthcare will further support the delivery of our strategy."
Mrs Koh was recently appointed to the Board of BC Platforms AG, a world leader in genomics data management. She is an Independent Director at SGX-listed Banyan Tree Holdings and Deputy Chairperson of the Singapore Board of The Red Pencil, a global charity in arts therapy. Her previous board appointments include Singapore Deposit Insurance Corporation Limited, Falck (Denmark) and Northeastern University (USA). Mrs Koh’s public service career started at the Ministry of Finance and pivoted into healthcare when she was appointed Deputy CEO of Singhealth and Singapore General Hospital.
Mr Hussain continued: "Karen has supervised, led or advised organisations spanning finance, healthcare, education, and private equity. Her knowledge in executing business-building entrepreneurial initiatives across companies in various stages of their lifecycle will help us position our business to better capture new opportunities and deepen our franchise in Singapore."
In June 2018, HSBC Singapore was announced as one of eight markets globally where HSBC wanted to grow its local franchise to a domestic scale1. HSBC Singapore subsequently unveiled plans in September 20182, under the Group’s Asia Wealth strategy, to double the overall combined retail and private banking total wealth and add more than 400 retail and private banking customer-facing employees over five years.
More recently, HSBC has announced the launch of a new global business, Wealth and Personal Banking, combining 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 Asia3.
Wealth and Personal Banking will cover the entire spectrum of private wealth, from retail clients to ultra high net worth (UHNW) individuals. Across Asia, where wealth pools are growing faster than in any other region, HSBC’s wealth revenues grew 12% in 2019 (year on year) to USD5.7 billion. HSBC will continue to invest in its wealth management business globally, with a particular focus on Asia, including Hong Kong and mainland China (especially the Greater Bay Area) as well as South-East Asia, some of the world’s fastest growing economies.
Mrs Koh will also join HSBC Bank (Singapore) Limited board as a member of its Audit and Risk Committees.
1 11 June 2018 HSBC Strategy Update – Slide 9 of presentation deck https://www.hsbc.com/investors/investor-events-and-presentations?page=1&take=20
2 HSBC Singapore Press Release: "HSBC Singapore sets ambitious plan to capture Asian Wealth"
3 HSBC Press Release: "HSBC creates wealth powerhouse to tap Asia opportunity"