HSBC Private Banking announces Benedikt Maissen has been appointed Market Head for Indonesia. Based in Singapore, he will be responsible for business development and client engagement.
He will report directly to Philip Kunz, Head of Southeast Asia, HSBC Private Banking.
Mr Maissen joins HSBC with more than 39 years’ of private banking experience including, most recently, leading a boutique private bank across Southeast Asia and international markets. Prior to this, he led the Southeast Asia region for a leading international private bank. Over the past 29 years, he has been based in Singapore.
Commenting on the announcement, Mr Kunz said: “Bringing in a talented and very senior private banker to HSBC is testament to the belief and conviction in our strategy. Benedikt brings depth of knowledge and experience in supporting our Indonesia market and will be instrumental in growing it.”
Singapore is renowned and globally respected as a pre-eminent wealth centre with strong governance and political stability - well placed at the heart of ASEAN with close proximity to fast, emerging wealth. In the latest CapGemini Asia-Pacific Wealth Report, Indonesia helped lead growth of high net worth individuals in Asia Pacific with a 13.7 per cent increase from 2015 to 2016.
The Republic is also a top-three offshore booking centre globally (along with Switzerland and Hong Kong) servicing USD9 billion of personal wealth. Within that, China, Indonesia and Malaysia are the top three sources of wealth inflows to Singapore.
Given its global dominance, Mr Kunz explained: “The Singapore booking centre is a core strategic market for HSBC Private Banking to drive substantive global growth for the business. Strategically located at the nexus between Asia and other global markets, where personal and corporate wealth are fast growing, the opportunity is strong and compelling. Asia now has more high net worth individuals than any other part of the world. As one of the region’s largest private banks, we’re well positioned to bring in more of these flows.”
Re-disseminated by The Asian Banker