The new CEO takes the helm after a period when the chief executive slot was held on an interim basis following a departure a year ago.

HSBC Private Bank is appointing a new CEO - Ida Liu (main picture), formerly global head of Citi Private Bank.

Liu will take up the post with effect from 5 January next year, London/Hong Kong-listed HSBC said in a statement issued today.

She succeeds Gabriel Castello, who has held the role on an interim basis for the past year, following the departure of Annabel Spring, CEO of global private banking and wealth, at the end of December 2024. Castello will be taking on the role of vice-chair of HSBC Private Bank and will oversee the most valued client relationships.

Bringing more than 25 years’ experience in wealth management, strategic advisory and business transformation, HSBC said Liu “has a strong track record of building and leading global franchises serving some of the world’s most sophisticated clients”. She began her career in investment banking, advising Fortune 500 companies on mergers and acquisitions and capital markets strategies, with more than half of her investment banking career spent in Asia.

In her new role, Liu will report to Barry O’Byrne, CEO of HSBC International Wealth and Premier Banking.

“We are delighted to welcome Ida to the team. She brings deep expertise in strategic wealth advisory, operational transformation and business growth, and a consistent track record of delivering results,” O’Byrne said. “Her appointment reflects our ambition to further strengthen the private bank as the partner of choice for the world’s most sophisticated entrepreneurs and families.”

At the time of writing, Liu is based in New York. This publication understands that she is moving to London after a transition period.

This news service interviewed Liu in 2023. She held a variety of senior roles at the US banking firm, which she joined in 2007.