heads for commercial banking business
15/11/2021 10:30
(Adds details from fourth paragraph)
By Anshuman Daga
SINGAPORE, Nov 15 (Reuters) - HSBC Holdings PLC HSBA.L
appointed two executives to run its Asia Pacific commercial
banking business as the London-headquartered lender steps up its
focus on the region to boost growth.
Amanda Murphy, currently the head of its commercial banking
business in Britain, will lead commercial banking operations in
South and Southeast Asia, and be based in Singapore, HSBC said
in a statement on Monday.
Hong Kong-based Frank Fang, who currently heads commercial
banking for Hong Kong and Macau, will continue to lead the
businesses in both markets and support clients as they capture
opportunities arising from the Greater Bay Area, HSBC said.
Both executives will jointly lead the Asian commercial
banking business and report to Barry O'Byrne, Hong Kong-based
CEO for HSBC's global commercial banking.
HSBC CEO Noel Quinn is betting on Asia to drive growth by
moving global executives there and ploughing billions into
lucrative wealth management and other businesses.
HSBC's global commercial banking business generated revenue
of $13.3 billion on an adjusted basis last year, out of which
the Asia Pacific franchise contributed $6 billion.
"Expanding our Asia Pacific leadership team underscores the
importance of the region to our strategy," said O'Byrne. "It
also enhances the coverage of our clients in this key growth
region where we are already the leading international wholesale
bank."
The appointments are effective Dec. 1.
HSBC also said that Joseph Ma, the head of its China
commercial banking, will now report to O'Byrne. Stuart Tait, who
has been leading Asia Pacific commercial banking, will take up
Murphy's role.
Murphy will also have oversight of HSBC's local commercial
banking franchises in India, Southeast Asia, Australia and
international markets.
(Reporting by Anshuman Daga; Editing by Kirsten Donovan, Robert
Birsel)
((anshuman.daga@tr.com;))