Prominent Asian private banker Michael Hua left HSBC Private Bank in Singapore in April. The 12-year veteran of HSBC has joined a smaller rival, finews.ch has learned.
Michael Hua was hired by Liechtenstein private bank LGT, which is owned by the principality's royal family. The bank confirmed the move, saying Hua had begun at LGT this week.
Hua was previously a senior private banker responsible for HSBC's private bank relationship management teams in Malaysia, Thailand, Vietnam and the Philippines. Hua, who had been with HSBC for almost twelve years, was rolling out strategic country market plans for Malaysia, Thailand and Vietnam for HSBC at the time of his departure.
HSBC Turmoil
The two banks have ties stemming from a 2014 deal in which HSBC sold private bank assets months before it was caught up in a major tax evasion scandal. LGT bought 7.1 billion Swiss francs of those assets, which HSBC wanted to sell to reduce the size of its private bank.
HSBC's Malaysia team head, Eng Luke, is reported to have left HSBC at the same time. Earlier this year, HSBC also lost former Singapore private bank co-head Rob Ioannou to DBS's private bank, as finews.asia exclusively reported at the time.
