HSBC, Hong Kong’s largest bank, has announced the establishment of an office in the Greater Bay Area, to be headed by Daniel Chan Hing-yiu.
Chan, who currently heads his business and commercial banking division in the city and has worked with HSBC for 30 years, will take up his new role next month, according to a statement on Monday. He will move to the southern province of Guangdong in mainland China to set up the new office. The lender has not yet decided on a city.
Chan’s appointment comes amid a wave of activity by the city’s banks, which are preparing to tap into new cross-border lending and wealth management businesses in the development zone of the Grande Baie region. The region, which has a total population of 72 million, had a combined economy of US $ 1.7 trillion – the 11th largest economy in the world – in 2019.
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Last week, Bank of East Asia said Christine Lo, his personal loans manager, will lead his office in the development zone. Standard Chartered Bank created the role of managing director for the Greater Bay Area in August last year and appointed Anthony Lin, its former CEO of Taiwan, to the post in October.
“Hong Kong banks are appointing proven leaders for the Bay Area as they prepare for the soon to be launched Wealth Management Connect program,” said Tom Chan Pak-lam, president of the industry body Institute of Securities Dealers.
Daniel Chan has worked with HSBC for 30 years and will take up his new role next month. Photo: Document alt = Daniel Chan has worked with HSBC for 30 years and will take up his post next month. Photo: Handout
The program, expected this year, will allow Bay Area residents to invest in wealth management products through banks in Hong Kong and Macau, while investors in those cities will be able to invest in wealth management products offered by mainland Chinese banks.
The connection is crucial for the Development Zone, which was envisioned as encouraging the flow of talent and capital between the nine cities of Guangdong Province and the two Special Administrative Regions. In October, the authorities set a global quota 300 billion yuan ($ 45 billion) for two-way movements of funds under the connect program.
“The Greater Bay Area is a vibrant urban hub, experiencing a significant increase in demand for internationally competitive banking services,” said Diana Cesar, CEO of HSBC’s Hong Kong office. “This is a strategic priority area for HSBC, and we are investing in our digital infrastructure, our cross-border product capabilities and our talent pools.
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Last month, the bank announced that it hire 100 graduates from Hong Kong interested in gaining work experience in the area. The bank has a total of 50 outlets in Guangdong province. In recent years, she has also introduced HSBC Qianhai Securities and has expanded its insurance, personal banking and wealth management services to the Greater Bay Area.
The new office will allow the bank to support more cross-border trade and investment flows, said Mark Wang Yunfeng, Chairman and CEO of HSBC China.
“Guangdong has always been at the forefront of China’s opening up and economic transformation,” he said. “The forward-looking policy developments announced in recent years will further foster economic connectivity in many different ways. “
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