HSBC Hires Manulife Insurance CEO Kai Zhang as HSBC Head of Wealth & Personal Banking for South Asia, More than 25 Years of Financial Services Experience Including at Citigroup and McKinsey & Co.
24th May 2023 | Hong Kong
HSBC has hired Manulife-Sinochem Life Insurance CEO Kai Zhang as HSBC Head of Wealth & Personal Banking (WPB) for South Asia (effective 26/6/23). Kai Zhang has more than 25 years of financial services experience including leadership roles at Citigroup and McKinsey & Company. Kai Zhang will be driving HSBC Wealth & Personal Banking expansion in South Asia across 8 markets (Singapore, India, Taiwan, Australia, Malaysia, Indonesia, Vietnam, the Philippines), and focus on deepening connectivity with HSBC wholesale banking and HSBC global network. HSBC: “Based in Singapore, Kai Chang will be responsible for accelerating WPB’s expansion in South Asia, where HSBC has been investing to scale its capabilities across transactional banking and wealth, private banking, insurance and asset management. She will also focus on deepening the connectivity between WPB in South Asia and the Bank’s wholesale banking franchises and global network.” Kai Zhang will report to Nuno Matos (HSBC CEO Wealth & Personal Banking), and Surendra Rosha (HSBC Co-CEO Asia-Pacific).
” HSBC Hires Manulife Insurance CEO Kai Zhang as HSBC Head of Wealth & Personal Banking for South Asia, More than 25 Years of Financial Services Experience Including at Citigroup and McKinsey & Co. “
Nuno Matos, HSBC CEO Wealth & Personal Banking:
“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.”
HSBC Hires Manulife Insurance CEO Kai Zhang as HSBC Head of Wealth & Personal Banking for South Asia
HSBC hires Manulife-Sinochem Life Insurance CEO Kai Zhang as HSBC Head of Wealth & Personal Banking (WPB) for South Asia (effective 26/6/23). Kai Zhang has more than 25 years of financial services experience including leadership roles at Citigroup and McKinsey & Company.
Kai Zhang was appointed as CEO of Manulife-Sinochem Life Insurance in February 2016. Prior to joining Manulife-Sinochem, Kai Zhang was Country Business Manager for Citi Consumer Bank in China, Executive Vice President of Citibank China, CFO, Head of Franchise Development & Country Marketing Director of Citi China. Kai Zhang was also a Management Consultant at McKinsey & Company from 2000 to 2004. Kai Zhang holds an MBA from Columbia Business School and a BA in Economics from Mount Holyoke College.
HSBC South Asia Growth, $497 Billion Invested Assets in Asia, 60 Million Adult in India with at Least $250,000 by 2030
South Asia, a critical component of HSBC WPB’s Asia strategy, is home to some of the world’s fastest growing economies and wealth pools, with total wealth assets under management (AUM) in the region forecast to expand from $3.6 trillion in 2021 to $4.8 trillion in 2026.
In India alone, the number of adults with net wealth of at least $250,000 will triple to almost 60 million by 2030.
Since HSBC first announced its strategy to scale up WPB in Asia with a $3.5 billion investment in people, product capabilities and digital platforms, the expansion in South Asia has gained strong momentum, delivering double-digit percentage increases in invested assets, net new invested assets and wealth revenues in 2022 on the back of organic and inorganic initiatives.
In Singapore – HSBC’s international wealth hub serving clients from Southeast Asia and Greater China as well as international clients – invested assets grew 22% year-on-year in 2022, while in India, invested assets grew 215% over the same period. Furthermore, new- to-bank international accounts in South Asia grew by more than 50% in 2022
As at the end of 2022, HSBC ranked number one for Wealth Continuum AUM in Asia. Reported invested assets in Asia grew 8% year-on-year to $497 billion in 1Q 2023.
HSBC’s Asia Wealth strategy
HSBC’s ambition is to be Asia’s leading wealth manager by 2025, opening up a world of opportunities for Asian, international and HSBC-connected clients, wherever their wealth is created, invested and managed.
As Asia’s leading bank across the wealth continuum of mass affluent to HNW and UHNW clients, HSBC has a unique ability to serve the full range and progression of wealth needs – from first time investors through to UHNW individuals, their families and businesses. With its leading expertise and capabilities, strong Asian presence and unrivalled international connectivity, HSBC brings the best of the Group to deliver a wealth experience which help customers achieve sustainable prosperity.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$2,990bn at 31 March 2023, HSBC is one of the world’s largest banking and financial services organisations.
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