The move comes as Siew Meng Tan is set to retire after a multi-decade banking career.
HSBC has appointed Lok Yim, Deutche Bank's former Hong Kong CEO, as its regional head of Global Private Banking, Asia Pacific.
Yim, who resigned from Deutche Bank earlier this year, will be joining HSBC as a designate in November and will start formally in January 2024, subject to regulatory approval, the firm said in a statement.
Yim will be succeeding Siew Meng Tan, who is retiring after a career of nearly 40 years in banking. Tan, who has spent two decades at HSBC in senior roles, including the past seven years leading HSBC’s Global Private Banking business in Asia Pacific, will remain as an advisor to the business until March 2024, the firm said.
During this time, HSBC Global Private Banking has expanded in key growth markets, including mainland China, India, Taiwan and Thailand. The firm has invested in client services and solutions' capabilities in its Hong Kong and Singapore booking centres, deepening its bench strength, and building a digital ecosystem for clients.
Yim brings close to thirty years of private banking and capital markets experience and a track record of leading teams to serve the region’s entrepreneurs and ultra-high net worth individuals. He will be joining from Deutsche Bank where he spent 16 years, most recently as CEO, Hong Kong SAR, having previously spearheaded the bank’s wealth management and international private banking franchises in Asia and emerging markets.
Based in Hong Kong, Yim will report to Annabel Spring, CEO, Global Private Banking and Wealth, on a functional basis, and Kai Zhang, head of Wealth and Personal Banking, South Asia on an entity basis.
“We have a clear strategy to be the world’s leading wealth manager and global private bank for Asian and international clients and entrepreneurs. Our build-out in Asia – an epicentre of wealth creation and investment opportunity – is key to this ambition,” Spring said. “Lok’s proven experience in mobilising and leading teams to deliver one-bank solutions for entrepreneurial clients will enable us to accelerate the delivery of our strategy in Asia.”
Spring also thanked Tan for her contribution: “Siew Meng is a role model leader whose positive impact will continue to be felt throughout the organisation. She leaves HSBC Global Private Banking stronger than ever and energised for growth in Asia. We wish Siew Meng the very best in her retirement.”
HSBC Global Private Banking’s Asia invested assets totalled $151 billion in June, an increase of 10 per cent year-on-year, driven by robust net new invested inflows including $13 billion in the first six months of 2023.