HSBC reshuffles insurance division after CEO’s surprise departure: internal memo
Two Asia-based executives will replace outgoing global insurance CEO Edward Moncreiffe, who has resigned, according to a company document
HSBC, the biggest lender in Hong Kong and Europe, has launched a major reshuffle of its insurance unit, with two senior executives appointed to replace outgoing global insurance CEO Edward Moncreiffe, according to an internal company memo seen by the South China Morning Post.
Daisy Tsang, CEO of HSBC Life Hong Kong, and Kai Zhang, Asia head of international wealth and premier banking, have been named co-CEOs of insurance, effective immediately, the document stated.
The pair will continue to undertake their current responsibilities in addition to their new roles, it added.
The reshuffle came as Moncreiffe resigned from HSBC “to pursue external opportunities”, according to the memo, which was jointly issued by Barry O’Byrne, CEO of international wealth and premier banking, and the lender’s co-CEOs for Asia and the Middle East, David Liao Yi-chien and Surendra Rosha.
“Insurance is integral to delivering our strength to become the leading international wealth manager for affluent to ultra-high-net-worth clients in key markets and corridors,” the memo said.