Acharya will report to HSBC Singapore CEO Wong Kee Joo. Credit: Cheung Yin on Unsplash.

HSBC has appointed Ashmita Acharya as the new head of its wealth and personal banking (WPB) business in Singapore, effective 18 January 2023.

Acharya, who is based in Singapore, will report to HSBC Singapore CEO Wong Kee Joo.

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She will also report to HSBC global insurance and partnerships CEO and WPB interim head of South Asia Greg Hingston.

In her new position, Acharya will look after the bank’s retail banking, wealth management, insurance, asset management as well as global private banking activities.

She will succeed Anurag Mathur, who has decided to step down from his role.

Prior to her latest appointment, Acharya was the head of Citi’s retail banking unit in Singapore and supervised wealth management and mortgage business of the bank.

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During her 20-year stint at Citi, Acharya also worked as the head of the bank’s retail units for the Asia-Pacific (APAC) region. She was responsible for acquisition, segment proposition in addition to client engagement and analytics for the bank’s activities in APAC, Europe and the Middle East.

Joo said: “Ashmita’s extensive experience across retail and wealth strategy, client proposition, digital experience and product development will help to propel our wealth and personal banking strategy encompassing mass and emerging affluent and high net worth segments at a time when we have enormous ambitions to leverage Singapore’s position as a global wealth and sustainability hub for our clients in the region.”

HSBC further noted that it plans to grow its wealth management business by twofold in Singapore by 2025.

The bank also aims to realise double-digit growth in commercial banking business.