Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

HSBC names Asia co-heads for commercial banking business

Published 11/15/2021, 04:55 AM
Updated 11/15/2021, 05:36 AM
© 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

© 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.

© 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

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.