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HSBC names Asia co-heads for commercial banking business

Stock MarketsNov 15, 2021 05:36AM ET
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© Reuters. FILE PHOTO: A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu

By Anshuman Daga

SINGAPORE (Reuters) - HSBC Holdings (NYSE:HSBC) PLC appointed two executives to run its Asia Pacific commercial banking business as the London-headquartered lender steps up its focus on the region to boost growth.

Amanda Murphy, currently the head of its commercial banking business in Britain, will lead commercial banking operations in South and Southeast Asia, and be based in Singapore, HSBC said in a statement on Monday.

Hong Kong-based Frank Fang, who currently heads commercial banking for Hong Kong and Macau, will continue to lead the businesses in both markets and support clients as they capture opportunities arising from the Greater Bay Area, HSBC said.

Both executives will jointly lead the Asian commercial banking business and report to Barry O'Byrne, Hong Kong-based CEO for HSBC's global commercial banking.

HSBC CEO Noel Quinn is betting on Asia to drive growth by moving global executives there and ploughing billions into lucrative wealth management and other businesses.

HSBC's global commercial banking business generated revenue of $13.3 billion on an adjusted basis last year, out of which the Asia Pacific franchise contributed $6 billion.

"Expanding our Asia Pacific leadership team underscores the importance of the region to our strategy," said O'Byrne. "It also enhances the coverage of our clients in this key growth region where we are already the leading international wholesale bank."

The appointments are effective Dec. 1.

HSBC also said that Joseph Ma, the head of its China commercial banking, will now report to O'Byrne. Stuart Tait, who has been leading Asia Pacific commercial banking, will take up Murphy's role.

Murphy will also have oversight of HSBC's local commercial banking franchises in India, Southeast Asia, Australia and international markets.

HSBC names Asia co-heads for commercial banking business
 

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