HSBC Holdings Plc is making major leadership changes in its key Hong Kong operations, appointing Maggie Ng as the new chief executive officer for Hong Kong. Ng will succeed Luanne Lim, who has been named CEO of HSBC’s subsidiary Hang Seng Bank.
Ng will also retain her current role as head of retail banking and wealth management for Hong Kong, HSBC said in a statement. The appointments will take effect in October, subject to regulatory approval.
Maggie Ng as the new chief executive officer for Hong Kong.
As part of the reshuffle, Diana Cesar will step down as CEO of Hang Seng Bank to become vice-chairman for Hong Kong at HSBC’s Asia unit, where she will advise the co-CEOs for Asia and the Middle East.
The changes come as Hong Kong — HSBC’s largest market — continues to be a central focus for the bank. Group CEO Georges Elhedery, who took the helm last year, has been restructuring the bank to improve efficiency, including merging its commercial and investment banking arms and turning its Hong Kong and UK operations into standalone entities.
Ng, who joined HSBC in 2020 as head of wealth and personal banking in Hong Kong, will take on the new role with extensive experience in the sector. Meanwhile, Lim, who has been with HSBC since 1999, will lead Hang Seng Bank at a challenging time, as the lender faces rising bad loans tied to Hong Kong’s struggling commercial property sector.
