She will be responsible for driving the growth agenda for the bank's WPB business, supporting the financial and wealth needs across the full spectrum of the bank’s customer base.
Maggie Ng, currently Greater China CEO of online trading provider IG Group, will join HSBC as its head of Wealth and Personal Banking (WPB), Hong Kong, effective 1 December 2020.
She brings more than two decades of experience in the financial services industry. Before joining IG Group, Ng co-founded fintech wealth and asset management company Assured Asset Management, and worked in various roles for Citi for 19 years, including APAC head of lending.
The WPB unit –the result of a merger of the bank's Retail Banking and Wealth Management and Global Private Banking businesses earlier this year – aims to realize synergies and improved efficiency through the transferal of products and investment.
Wealth Ambitions
Greg Hingston, HSBC's WPB head for Asia Pacific, said Ng's appointment strengthens the bank's capabilities and positions it for growth in Hong Kong and the Greater Bay Area.
In the announcement, HSBC noted that Asia is expected to be the world’s largest wealth region by 2025, with $55 trillion in assets, citing McKinsey data.
The bank's wealth business has $1.4 trillion in assets under management, with nearly half of those assets in Asia. Revenue from Asia in the wealth business rose by 12 percent to $5.7 billion last year.
