HSBC's cash management head, Lawrence Webb, is shuffling his cash team and making new hires despite flat markets this year. The strategy, he says, is to be ready to gobble up market share when the climate improves. The latest announcement is the assignment of a new country head for China. Shannon Cheung has taken over the reins from Duncan Ashford who is still in China working on special projects but will return to Hong Kong in September to assume a new senior client role.
Before moving to China, Cheung was focused on marketing and business development. His team in China includes Patrick Zhu in sales and Lewis Sun in product management, and a new member, Bonnie Chin, who last held a regional sales role in Hong Kong. Chin's new job is head of client services on the mainland.
The China appointments follow two other cash management moves. In March, Michael Shearer took on the role of head of payments and cash management in Taiwan. Prior to working in Taipei, Shearer was in Shanghai where he was involved in HSBC's trade services and personal financial services. He has been with the bank since 1996 and has also worked in consumer finance, international banking and the credit card business.
The other move was the outside hire of Sohfern Boey to head the Malaysian cash business. Boey most recently worked for ABN AMRO, Standard Chartered and Citibank in sales and product management, and has a total of 15 years experience in cash. Webb says the appointment of a new Malaysian head demonstrates the bank's commitment to recruiting and developing the best and the brightest senior level staff. Boey has been based in HSBC's Kuala Lumpur headquarters for six months now.