HSBC Holdings is reshuffling top leadership at its key Hong Kong unit, with Maggie Ng taking over as Hong Kong chief executive officer from Luanne Lim, who is assuming the top job at subsidiary Hang Seng Bank.
Ng will keep her current role as head of retail banking and wealth for Hong Kong, the London-based lender said in a statement. The change will be effective in October, subject to regulatory approval.
As part of the reshuffle, Diana Cesar will relinquish her role as chief executive of Hang Seng Bank and become vice chairman for Hong Kong at HSBC’s Asian unit, advising the co-chiefs of Asia and the Middle East.
Hong Kong is HSBC’s biggest market and the reshuffle comes as CEO Georges Elhedery continues to streamline the lender to increase efficiency. Since taking the helm a year ago, he has combined HSBC’s commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses.
Ng joined HSBC in 2020 as the head of wealth and personal banking for Hong Kong. Lim joined HSBC in 1999 and is taking the top role at Hang Seng Bank at a time when local lender is seeing a jump in bad debt due to a downturn in the commercial real estate sector in Hong Kong.
