The bank is tapping into a policy encouraging onshore wealth management in Taiwan.

HSBC has appointed Kevin Hu, head of international wealth and premier banking (IWPB) for Taiwan, effective today. 

Prior to this, Hu was at Cathay United Bank where he had served as senior executive vice president since 2022. Before that, Hu spent 26 years at Citibank Taiwan, most recently as retail banking head covering wealth management, insurance and mortgage products, HSBC said in a statement late last week. 

WealthBriefingAsia has asked HSBC whether this is a newly formed role, and may update in due course.

“Taiwan’s IWPB business achieved record performance in the first half of 2025, and Taiwan plays an important role in achieving our goal to become the world’s leading international wealth manager, particularly in Asia and the Middle East,” Kai Zhang, head of IWPB, Asia, said. 

Five years ago, Taiwan unveiled its "Wealth 2.0" programme to encourage local and international HNW people to manage their wealth onshore. See this interview with Muzinich & Co about the direction of the country's wealth management policy.

As reported last week, HSBC said that pre-tax profit at its wealth arm rose 8 per cent in the third quarter of 2025 from a year ago, reaching $1.292 billion; operating costs rose 6 per cent to $2.351 billion, and revenues rose 5 per cent to $3.823 billion. In October, HSBC said it was buying out minority owners of Hong Kong’s Hang Seng Bank to make it a wholly owned subsidiary.