Singapore, 09 June, 2021– HSBC Bank (Singapore) Limited has announced the appointment of Mr Wong Kee Joo as Executive Director to its Board following his appointment as Chief Executive Officer, HSBC Singapore on 1 June 2021. HSBC Bank (Singapore) Limited has also appointed Mr Winston Ngan, who has retired as a Partner of Ernst & Young Singapore (EY), as an Independent Non-executive Director and Chairman of the Audit Committee.
In addition to his Executive Directorship, Mr Wong – a Singaporean – assumed duties as Chief Executive Officer of HSBC Singapore on 1 June 2021. Mr Wong has more than 26 years of banking experience across different markets including the UK, Thailand, Hong Kong and China, and was most recently HSBC’s Regional Head of Global Payments and Cash Management (GLCM) for the Asia Pacific region – a role he has held since January 2015.
Mr Ngan has more than 26 years of professional services experience, including stints with Ernst & Young (EY) in Singapore and Canada. Prior to his retirement, he led EY Financial Services Assurance practice overseeing 1,300 audit professionals across ASEAN, including Singapore. Mr Ngan was also a member of the EY Leadership team managing the Financial Services Assurance practices across Asia Pacific.
Mr Mukhtar Hussain, Chairman of HSBC Bank (Singapore) Limited, and HSBC’s Group General Manager, Head of Belt & Road Initiative and Business Corridors, Asia Pacific, said: “Our commitment to Singapore as a strategic priority market for HSBC remains unchanged. As we head into our next phase of growth, Kee Joo’s extensive regional experience in wholesale banking will further strengthen our ability to tap HSBC corporate clients’ personal banking and wealth needs for growth.”
Mr Hussain continued: “Winston’s deep knowledge of Singapore’s banking regulatory requirements will ensure that we have a robust audit framework and the necessary internal controls in place. One that not only supports accelerated business growth, but also enable us to nimbly mitigate new challenges as our business evolves and undergoes transformation.”
2021-2025 Growth Ambition
Building from a position of strength, HSBC today is Asia’s leading bank across the wealth continuum (Mass affluent/HNW/UHNW segments) with a combined AUM of US$488 billion1. In 2020, Asia generated nearly half of HSBC’s USD1.6 trillion in wealth balances and 65% of the Group’s wealth revenues.
Similarly, since HSBC Singapore unveiled its plan to grow the Wealth and Personal Banking business in 20182, the bank has successfully expanded its frontline wealth teams, which include both retail and private banking relationship managers and investment specialists, and grown total wealth balances3 at double-digit annualised rates within 3 years.
In its next phase of growth, HSBC Singapore aims to double the total wealth balances of its Wealth and Personal Banking business in the next five years.
Re-disseminated by The Asian Banker