31 August 2023

HSBC to appoint Harpreet Bindra as Chief Executive Officer, HSBC Life Singapore

HSBC today announced that it will appoint Harpreet Bindra as Chief Executive Officer (“CEO”) of HSBC Life (Singapore) Pte. Ltd (HSBC Life Singapore). His appointment is subject to regulatory approvals.

HSBC Life Singapore is the Group’s insurance business in Singapore, established after the integration of the businesses of AXA Insurance Pte. Limited (AXA Singapore) and HSBC Insurance (Singapore) Pte. Limited (HSBC Insurance) in February 2023 via a Scheme of Transfer, following HSBC’s acquisition of AXA Singapore in February 2022.

Harpreet will lead HSBC Life Singapore and drive the execution of our strategy in this dynamic insurance and wealth market. He brings more than two decades of leadership experience in the insurance and financial services industry and was most recently Global Head of Strategy and Business Development for HSBC Global Insurance and Partnerships, based in Hong Kong. Reporting to Greg Hingston, CEO, HSBC Global Insurance and Partnerships and to Ashmita Acharya, Head of Wealth and Personal Banking (WPB), Singapore, Harpreet will continue to be part of the HSBC Life Global Executive Committee and will join the HSBC WPB Singapore Executive Committee. Harpreet will succeed Ho Lee Yen, who has decided to spend more time with her family, having successfully completed the integration of the businesses of AXA Singapore and HSBC Insurance, laying a solid foundation for the next phase of growth for HSBC Life Singapore.

Greg Hingston, CEO, HSBC Global Insurance and Partnerships, said: “Harpreet’s appointment as the CEO of HSBC Life Singapore comes at a pivotal time when we are investing and growing our insurance and wealth businesses. Singapore is a strategically important market for HSBC and we are expanding propositions, channels and platforms to meet the health, protection and wealth management goals of our individual and corporate customers. I am confident that under Harpreet’s leadership, HSBC Life Singapore will realise its potential with best-in-class propositions for our customers across their wealth journey. We thank Lee Yen for her contributions, particularly for facilitating a smooth transition as we combined the two businesses, to position HSBC Life Singapore well for future success.”

Ashmita Acharya, Head of Wealth and Personal Banking, HSBC Singapore, said: “The success of HSBC Life Singapore is key to achieving HSBC’s ambition of becoming a leading wealth manager in Asia and capturing the full breadth of opportunities for HSBC in Singapore. Harpreet’s extensive insurance experience in Asia and proven leadership qualities, matched with the combined strengths of the HSBC Group and HSBC Life, will allow us to successfully execute our insurance and wealth strategy in this increasingly important international financial centre.”

Harpreet joined HSBC in 2018 to drive the strategic growth agenda for HSBC’s insurance manufacturing operations in 10 markets across Asia, Europe and Latin America, as well as develop strategic partnerships with global insurers across 30 markets. He has successfully led several strategic growth initiatives for the Group, including the acquisition of AXA Singapore. Prior to HSBC, Harpreet held a number of leadership roles across Insurance, Banking and Asset Management, in companies including Prudential Financial Inc., Daiwa Securities and ING Group in Singapore, Hong Kong, India and the Netherlands. Harpreet has a degree in Business Economics and holds an MBA in Finance and Strategy.

HSBC Life globally is a key contributor to the financial performance of HSBC’s Wealth and Personal Banking business. In the first half of 20231, revenues from HSBC Life globally reached US$875m, up 34% year on year (YoY) and comprised over a fifth (22%) of total Wealth revenues globally. During the same period, our Insurance manufacturing businesses’ profit before tax of US$535m was up by US$0.2bn YoY and annualised new premiums (ANP) was at US$1,890m up 44% YoY.

Media enquiries to:

Dorlisa Goh | +65 9459 3898 | dorlisa.goh@hsbc.com.sg

Grace Lam | +852 3663 5877 | grace.y.c.lam@hsbc.com.hk

Note to editors:

1HSBC Group 2023 Interim Results

About HSBC Life Singapore
HSBC Life (Singapore) Pte. Ltd. is a wholly owned subsidiary of HSBC Insurance (Asia Pacific) Holdings Limited, which is ultimately owned by HSBC Holdings plc, the London-based holding company of the HSBC Group. HSBC Life Singapore has received an A+ rating by Standard & Poor’s in February 2023. It provides a wide range of solutions that cater to life, health, retirement, protection, education, legacy planning, and wealth accumulation needs of retail and corporate clients.

About HSBC Singapore
HSBC opened its first branch in Singapore in 1877. A qualifying full bank serving international needs of individual, corporate and institutional clients, 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. It was recognised by Asiamoney as “Best International Bank in Singapore” in 2022 and 2023.

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 62 countries and territories. With assets of US$3,041bn at 30 June 2023, HSBC is one of the world’s largest banking and financial services organisations.