For those preferring to escape the City, The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Peter Wong is 68, he's been the Group Managing Director; Deputy Chairman and Chief Executive Officer - The Hongkong and Shanghai Banking Corporation Limited of HSBC plc since 2015. In 2019, those figures had grown to 49% and 90%, respectively. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. Find the latest media releases, HSBC news, speeches and award wins. HSBC appoints the widely anticipated internal successors of Peter Wong ex-APAC global banking head David Liao and ex-India CEO Surendra Rosha according to a statement. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. Meanwhile, fees for two children at the international school start at an average of HK$432k per year bringing the total for accommodation and education to more than HK$3m a year. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. We are investing in Asias dynamic markets and in our technology. The region will continue to be run as a single entity, jointly managed. WebThe HSBC International Employee Share Purchase Plan is an employee share purchase plan offered to employees in Hong Kong since 2013 and has been extended to further countries in the HSBC Group from 2014. In recent days, Londonbased Standard Chartered bank and the citys traditional trading houses Swire Pacific and Jardine Matheson have also pledged support for Beijings controversial policy. Indosuez Loses Senior Banker in Singapore, US Law Firms Pounce on Lehmann's Outflow Comments, Julius Baer Names Greater China Group Head, Citi Appoints APAC Head of New Banking Unit, David Liao and Surendra Rosha, APAC co-CEOs, HSBC, HSBC Investors Demand Vote on Spin-Off, Dividends, HSBC Beats Target With Additional Tier 1 Bond, HSBC Plans to Shed Private Offices in Hong Kong, Singapores Big Three Banks Deliver Profit Hat-Trick, HSBC's Asia Profit Share Up Amid Regional Pivot, Credit Suisse's Quick Fixes Won't Do the Job, Singapore Raises Threshold for Investor Program, Fidelity Launches First Retail Fund in Mainland China, Julius Baer: Full Hiring Pipeline in Asia, Sothebys Grabs Retail Space for New Hong Kong Auction House. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. But that will mean nothing if they are shut out of the U.S. financial system. As an international bank, HSBC depends on trading in U.S. dollars, the global reserve currency, and any threat to HSBCs ability to use U.S. currency would be disastrous for the bank, he said. +852 2822 4940 Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). university He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. Prices to rent a four-bedroom apartment on The Peak, the highest point on Hong Kong island, start at around $160k (14k) a month. is currently advertised at HK$280k per month. As of 2018, according to the, With a rent bill that presumes a lot of extremely wealthy footfall and the prospect of further lockdowns and permanent work-from-home policies, some of the worlds poshest niche retailers and sandwich shops are giving up in the City of London (, While fending off questions about Ralph Hamers investigation, Axel Weber suggests that there are plenty of candidates to replace he himself after his last year as UBS chairman, but that the bank probably wont be doing any mega deals while the new leadership team beds in. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. David Liao and Mark Yunfeng Wang have been mentored by Mr Wong over the last few years hes delayed his retirement to ensure that HSBC has a deep enough bench to choose from. Some of that might have vested in the meantime; if it was linked to the UBS share price then he will have lost about 10% on the stock but made back slightly more on the Swiss franc exchange rate. HSBC appoints the widely anticipated internal successors of Peter Wong ex-APAC global banking head David Liao and ex-India CEO Surendra Rosha according to a statement. There are 3 older and 37 younger executives at HSBC plc. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. We have estimated Peter Wong's net worth , money, salary, income, and assets. Perched on the citys steep slopes, they are minutes from downtown. However, HSBCs Asia pivot has shown up clearly in its earnings. We are investing US$6bn in Asia in the next 5 years and David and Rosha will lead this next phase of our Asia strategy as we focus on expanding and diversifying our presence across the worlds most dynamic region, said Group CEO Noel Quinn. A five-bed, four bathroom 4000 sq ft apartment at. The outcome of the process to decide who will be the next CEO of the Hong Kong and Shanghai Banking Corporation (effectively Head of Asia) is going to shine a lot of light on some of the most important questions in the global banking industry. Although hes described as at ease with officials and able to navigate Chinas opaque regulatory environment, both of which sound a little euphemistic, hes also an investment banker, having been a bond and FX trader in the 80s and worked for Deutsche before joining HSBC. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Our ski trip made me question my life choices, Michelle Yeoh: Finally we are being seen, Apocalypse then: lessons from history in tackling climate shocks, How Glasgows tiny, muckraking crime mag stays afloat. Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. Can Credit Suisse Really Put its House in Order? FCA regulator blamed for Arms decision to shun London listing, There are no domestic equity investors: why companies are fleeing Londons stock market, Argentina diary: Come armed with $100 bills, Deluge of inflation data pushes US borrowing costs to 2007 levels, The Murdaugh trial: a southern gothic tale that gripped the nation, Humanity is sleepwalking into a neurotech disaster, Who to fire? In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. Quinn noted that HSBC had no mandatory retirement age and that Wong, who runs 70 in November, stepped down from the top role in the region entirely based on his own personal decision. See here for a complete list of exchanges and delays. WebMore activity by Peter. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. Peter Wong, HSBC Deputy Chairman and Chief Executive for Asia Pacific, said Mr. FitzGeralds international banking experience and strong expertise in client relationship management will be invaluable to the bank. The Hongkong and Shanghai Banking Corporation, Chinese People's Political Consultative Conference, "HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific", China has HSBCs taipan in a vice with few options but to fall in line with the security law for Hong Kong in the banks biggest market, HSBCs Asia chief backs China security law for Hong Kong, https://en.wikipedia.org/w/index.php?title=Peter_Wong_(banker)&oldid=1142634491, Members of the Election Committee of Hong Kong, 20072012, Members of the Election Committee of Hong Kong, 20122017, Members of the Election Committee of Hong Kong, 20172021, Members of the Election Committee of Hong Kong, 20212026, Members of the Chinese People's Political Consultative Conference, Articles containing traditional Chinese-language text, Creative Commons Attribution-ShareAlike License 3.0, 1996: Appointed as the Director of Operating, Services, and Sales for, 2000: Appointed as Chief Executive for Hong Kong of Standard Chartered Bank, 2010: Appointed as the first Chinese Asia Pacific CEO of The Hongkong and Shanghai Banking Corporation, This page was last edited on 3 March 2023, at 14:50. HSBCs Asia Pacific chief executive Peter Wong will officially retire and serve as a non-executive chairman while his role is replaced by a dual appointment. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. +44 (0) 20 7992 2045 Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. Can Shell close the valuation gap with US rivals? Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. David, formerly Head of Global Banking Asia Pacific, and Surendra (known widely by his last name, Rosha), formerly CEO of HSBC India, will share panregional leadership responsibilities that include jointly leading regional businesses and functions, embedding purpose, values and culture, developing leadership and talent and overseeing risk, capital and liquidity levels. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Peter Wong, who was previously the bank's top executive in Asia, has become chairman of HSBC Asia Pacific and adviser to the bank's chairman Mark Tucker and chief executive Noel Quinn. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. Elsewhere, on the one hand you have a big Italian bank with M&A ambitions thats in need of a CEO; on the other hand you have Europes top banking M&A rainmaker sitting on the sidelines, who just happens to be Italian and to have a business plan for a European megabank in his desk drawer. 2023 eFinancialCareers - All rights reserved, The banking version of Game of Thrones is often quite disappointing in terms of its visual appeal, but there can still be a lot of entertainment in a good old-fashioned. In the past decade, the firm has firmly shifted focus back to Asia again. Under Wongs leadership, the region has become an increasingly important part of HSBC. Forgot your password? (, Saving 10% on state income taxes, much more on housing and having plentiful golfing and beaches the attractions of Wall Street South in the Brickell neighbourhood of Miami are obvious. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Yet in the wake of HSBCs bleak earnings report for the first quarter of 2020pretax profit fell nearly 50% compared with the same period last yearsome analysts predict that the banks turn toward Asia could become even more dramatic. The possibility is, however, fascinating to contemplate. HSBCs Asia Pacific CEO Peter Wong is retiring from his position and will become a non-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Apartments in mid-levels Central are also popular among expats. Liaos successor will be announced in due course, the bank added. Peter Wong said, It has been a tremendous honour to lead HSBC in the region and I am proud of the work we continue to do to open up a world of opportunities for our customers. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Whatsapp/Signal/Telegram also available. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. In particular, the result of who comes out on top can often tell you more about long term strategy and priorities than a month of Investor Days. The announcement sparked years of speculationand even the companys own threatsthat HSBC would move its headquarters from London back to Hong Kong, but the firm remains based in the British capital. heidi.ashley@hsbc.com, May Kek In response, HSBC moved the lions off the street for only the third time in its historythe first was during World War II, and the second was during a construction project in the 1980s. Contact:sbutcher@efinancialcareers.comin the first instance. Greg Guyett, who runs global banking, Barry OByrne, the head of commercial banking and Nuno Matos who runs wealth management for HSBC, are all relocating from London as part of Noel Quinns pivot to Asia.. The London-headquartered banking giant named David Liao and Surendra Rosha as Asia-Pacific co-CEOs with immediate effect, giving them oversight of a business that is HSBCs .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}biggest profit generator. HSBCs Asia Pacific CEO Peter Wong is retiring from his position and will become a non-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP).