Wealth boss takes on regional role for HSBC

Business | Kevin Xu 13 Mar 2020

HSBC (0005) has appointed Greg Hingston as its regional head of wealth and personal banking in Asia Pacific effective from April.

Hingston is currently the head of wealth and personal banking in Hong Kong, a position he has held since 2016.

HSBC previously combined its retail banking and wealth management and global private banking businesses into a new global business, Wealth and Personal Banking, as part of a reshaping under chief executive Noel Quinn. The new segment has a total of US$1.4 trillion (HK$11 trillion) assets under management, with nearly half of them coming from Asian markets.

Charlie Nunn was appointed chief executive of Wealth and Personal Banking in February.

HSBC said its global private banking business, which saw adjusted profit before tax grow 18.58 percent year-on-year to US$402 million in 2019, attracted US$23 billion in net new money in 2019, two thirds of which was in Asia. The London-based lender is planning cost reductions of US$4.5 billion for under-performing units in the United States and Europe.

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