HSBC has hired Richard Jaggard from Bank of America and Shirley Lam from Citigroup in corporate sales roles. The two will help to further expand the bank's payments and cash management franchise in the region.

Jaggard, who starts work on 3 January, will assume the role of regional head of corporate sales for Asia Pacific. He held a similar position for Bank of America between 1998 and 2002 before spending the last two years as head of regional sales for financial institutions and public sector, structuring US dollar and local currency solutions.

Prior to joining Bank of America, Jaggard held corporate treasury management roles with Westinghouse Electric in Europe and the Middle East, and was also group treasurer for Ocean Group in the UK.

Shirley Lam's last job was in regional planning and strategy for Citigroup's global transaction services. Prior to that she was head of regional marketing for the securities services business. Lam took up her new role at HSBC as head of corporate sales for Hong Kong on 1 December.

Lam's CV includes stints with JPMorgan as regional marketing head of treasury solutions, and in 'LabMorgan' as head of the internet management group. She has also held positions in marketing with Peregrine and Philips.

Lawrence Webb, head of payments and cash management for Asia Pacific, says: "These senior appointees will oversee further expansion of our business in cash management. Together, we seek to increase penetration and gain market share to sustain and build up on our position."