HSBC has named a mainland China head of private banking with plans to expand the business to 10 cities in the country over the next five years.
HSBC appoints Jackie Mau as head of global private banking, mainland China, according to a statement, effective August 1 this year.
In his new Shanghai-based role, Mau reports to executive vice president and China head of wealth and personal banking Richard Li on an entity basis and functionally to Asia head of global private banking Siew Meng Tan.
Mau has more than 20 years of experience in the financial sector including various frontline and management roles in global banking and markets with HSBC. He rejoined HSBC’s private banking arm in 2016 and was most recently its Asia co-head of the investment products group.
Mainland Expansion
HSBC will deploy one-third of its Asia private banking investments to mainland China’s onshore market with plans to extend its presence beyond Shanghai, Beijing and Guangzhou to ten cities in the next five years.
The onshore private banking business in mainland China is also expected to benefit from HSBC’s plans to hire 5,000 client-facing wealth roles in Asia by 2025, nearly doubling the number of relationship managers and investment counselors.
«There are incredible opportunities for us to grow our business in mainland China, where HSBC is the leading international bank with a long history, deep heritage and a broad range of financial services capabilities,» said Tan.
