Subject to regulatory approval, Yim will officially start working with HSBC as global private banking head of Asia Pacific on 1 January 2024 after joining on a temporary basis on 1 November.
Yim replaces Siew Meng Tan, who is retiring from banking after nearly 40 years in the industry.
Tan has spent the previous two decades at HSBC in numerous leadership positions, most recently serving as the region’s head of the bank’s global private banking division. She will continue to serve as the company’s advisor until 31 March 2024.
HSBC global private banking has deepened its bench strength, expanded into key growth markets like mainland China, India, Taiwan, and Thailand, built a competitive digital ecosystem for clients, and continued to invest in client services and solutions capabilities in its Hong Kong and Singapore booking centres.
Yim brings close to 30 years of private banking and capital markets experience, as well as a proven track record of effectively managing teams.
He spent 16 years at Deutsche Bank, where he most recently served as chief executive officer, Hong Kong SAR.
Previously, he oversaw the bank’s wealth management and international private banking franchises in Asia and emerging markets.
In addition, Yim held high positions at Citigroup and graduated from Cambridge University with a Master of Arts.
Yim will be headquartered in Hong Kong and will report to Annabel Spring, chief executive officer, global private banking, and wealth, and entity-wide to Kai Zhang, head of wealth and personal banking, South Asia.
Annabel Spring, chief executive officer of global private banking and wealth, said: “We are delighted to welcome Lok to the team. He joins us at an exciting time. We have a clear strategy to be the world’s leading wealth manager and global private bank for Asian and international clients and entrepreneurs. Our build-out in Asia – an epicentre of wealth creation and investment opportunity – is key to this ambition. Lok’s proven experience in mobilising and leading teams to deliver one-bank solutions for entrepreneurial clients will enable us to accelerate the delivery of our strategy in Asia.’’
End of June 2023 data shows that HSBC global private banking’s Asia invested assets were $151bn, up 10% year over year because to strong net new invested inflows, including $13bn in the first half of 2023.