A search for a successor to reportedly underway to eventually replace Peter Wong as HSBC's Asia chief as the British lender makes a push into the mainland amid unprecedented political uncertainty.
Wong, 69, is readying for his eventual retirement with potential candidates to take on the difficult job of juggling interests in Hong Kong, Beijing, London and Washington.
Two key candidates that have emerged are David Liao, head of APAC global banking, and Mark Yunfeng Wang, head of China, according to a «Bloomberg» report citing unnamed sources.
Liao: Investor Favorite
The 48-year old Liao has been the head of APAC global banking since April and is a favorite amongst investors and analysts covering the HSBC stock, the report said. He is also believed to have close relationships with CEO Noel Quinn as well as HSBC board member and ex-mainland regulator Laura Cha.
But despite 5 years of experience overseeing the China business, Liao is described as «rigid» when meeting mainland officials which is attributed to his background as a Hong Kong-born person educated in the U.K.
Wang: Regulator Relations
In contrast, Wang is believed to be the better candidate for interfacing with mainland regulators as the Nanjing native is described as being «more at ease with officials and state-owned enterprises and better able to navigate China’s opaque regulatory and political environment».
Still, more experience is needed before passing on more responsibilities for Wang, the report said, as was only promoted to China CEO around March last year.
GBA Visions
The search for a successor occurs amid wholesale foreign entrance into the mainland’s opening financial market and chief amongst HSBC’s priorities is to tap into opportunities from the Greater Bay Area (GBA), a cluster of southern Chinese cities including Hong Kong.
The bank’s APAC head of wealth and personal banking Greg Hingston said last year that it intended to generate $185 billion in banking revenue from «the wealthiest urban cluster in China» by 2025.
As part of its China expansion plans, HSBC is mulling a partnership or acquisition of a fintech firm to roll out its digital platform targeting the mass affluent market, the report added.
