HSBC has internally appointed its current Hong Kong business and commercial banking head to lead the Greater Bay Area office.
30-year HSBC banker Daniel Chan has been appointed to the role, according to a statement, relocating to mainland China’s southern Guangdong province, though no city has been named yet.
Chan has extensive experience in HSBC’s business and commercial banking unit having previously overseen responsibilities for business management, strategy, operations, the small and medium-sized business in Singapore and more.
GBA Entry
HSBC joins other major Hong Kong lenders’ inroads into the Greater Bay Area (GBA) market, an 11-city cluster that boasts an economy with a total size of nearly $1.7 trillion and a population of over 72 million.
Last week, Bank of East Asia appointed its ex-retail head Christine Lo to head its GBA office while Standard Chartered named ex-Taiwan CEO Anthony Lin as GBA CEO late last year.
Wealth Management Connect
Amongst the landmark opportunities being eyed is the «Wealth Management Connect» scheme which will allow mutual access to financial products from banks in the 11-city cluster.
Hong Kong Monetary Authority’s executive director Darryl Chan recently said at the «Asian Financial Forum» that the scheme will mainly focus on bonds at the current stage but will review the possibility of including insurance products in the future.
Chan added that he believed the scheme would generate two-way liquidity flows, adding that he saw strong interest from Hong Kong investors in yuan assets.
