HSBC Private Bank has filled a long-held vacancy following the departure of Desmond Liu, naming Teddy Kwong as its new business head for Hong Kong.
Kwong started in the role last week, having spent most of his 25-year career at HSBC within commercial banking, working with families on the corporate side. Most recently he was the bank’s chief executive officer for Macau.
He now takes on responsibility for HSBC’s private banking client coverage in Hong Kong, with a focus on client servicing and cross-selling opportunities.
Bernard Rennell, North Asia CEO and HSBC’s global head of trust business private wealth solutions, says Kwong’s appointment “develops the connections that we are forging between corporate customers and their private businesses”.
HSBC Private Bank has been seeking a Hong Kong head since Liu quit last August. Liu was managing director and head of North Asia, but left after HSBC named Rennell North Asia CEO in November 2011 and asked Liu to report to him.
Liu then joined Standard Chartered as head of Hong Kong and Northeast Asia last November, as reported.
HSBC Private Bank serves clients with at least $3 million with the institution. It has around 1,000 staff in Hong Kong, including relationship managers, its investment group, its PWS trust business and back-office personnel.
Its Asia business is split managerially between Rennell in North Asia and Amit Gupta, who was named CEO for Southeast Asia in February last year. It has not sought to replicate the role of its former Asia CEO Monica Wong, who retired at the end of 2010.
HSBC Private Bank had $398 billion in total client assets globally as at December 31 last year. It does not break out its regional numbers.