HSBC has named Kai Zhang as head of wealth and personal banking (WPB), South Asia, beginning June 26th, 2023.
Zhang joins HSBC from Manulife-Sinochem life insurance company, where she has worked as the general manager and chief executive officer since 2016.
She brings more than 25 years of experience in the financial services industry in North America and Asia, where she held leadership positions at Citigroup and McKinsey & Company.
Zhang has a demonstrated extensive record of fostering development, directing client advocacy and digital transformation, and creating successful teams.
Based in Singapore, she will be in charge of quickening WPB’s expansion in South Asia, where HSBC has been investing to expand its services in transactional banking, wealth management, private banking, insurance, and asset management.
In addition to this, she will also concentrate on strengthening the connections between WPB in South Asia and the bank’s global network and franchises for wholesale banking.
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Nuno Matos, the CEO of WPB, and Surendra Rosha, the co-CEO of Asia Pacific, will be Zhang’s direct supervisors.
Nuno Matos, chief executive officer, WPB, said: “Kai’s extensive experience and track record of delivery make her the ideal person to drive our growth agenda in South Asia. The region’s economic dynamism and demographic profile are fuelling wealth creation and uplifting communities, providing long-term opportunities that are squarely within our reach. It’s an exciting time to grow with our customers in these markets, and we’re committed to deepening our investments in the region.”
Some of the wealthiest regions in the world, including South Asia, which is a key part of HSBC WPB’s Asia strategy, are predicted to have total wealth assets under management (AUM) increase from $3.6 trn in 2021 to $4.8 trn in 2026.
By 2030, there will be about 60 million individuals in India alone with net worth of at least $250,000.
Since HSBC first revealed its strategy to grow WPB in Asia with an investment of $3.5 bn in people, product capabilities, and digital platforms, the expansion in South Asia has made significant progress.
This has led to double-digit percentage increases in invested assets, net new invested assets, and wealth revenues in 2022, as a result of organic and inorganic efforts.