HSBC Appoints New Chairman for Singapore
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HSBC Singapore appointed Mukhtar Hussain as chairman effective this week, the company said in a statement. The local subsidiary of HSBC includes the retail banking and wealth management business in the city-state. It was formed when the bank incorporated its retail operations in May 2016.
«Mukhtar’s presence, experience and counsel will go a long way to support our three-year growth plans – not just for retail banking – but across all of our business lines,» said Tony Cripps, chief executive officer of HSBC Singapore.
Regional Knowledge
On the consumer banking side, HSBC will tap on Mukhtar’s regional knowledge to provide oversight of the bank’s strategy to capture the personal wealth that is flowing from Asean markets into Singapore.
«On the institutional side, his role in spearheading HSBC’s regional activity in support of BRI will be invaluable in advising Singapore on how it can further position itself as a strategic partner of this multi-decade investment programme,» said Cripps.
Questions & Answers
Q.What business areas will Mukhtar Hussain's experience primarily support at HSBC Singapore?
What business areas will Mukhtar Hussain's experience primarily support at HSBC Singapore?
His experience and counsel are expected to support HSBC Singapore's three-year growth plans across all its business lines, not just retail banking. This includes consumer banking and institutional activities, such as those related to BRI.
Q.What specific expertise will Mukhtar Hussain bring to HSBC Singapore's consumer banking division?
What specific expertise will Mukhtar Hussain bring to HSBC Singapore's consumer banking division?
He will provide oversight of the bank's strategy to capture personal wealth flowing into Singapore from ASEAN markets, utilising his regional knowledge in consumer banking. This will help strengthen their wealth management business.
Q.How will Mukhtar Hussain contribute to HSBC Singapore's institutional business in relation to the BRI?
How will Mukhtar Hussain contribute to HSBC Singapore's institutional business in relation to the BRI?
His role in spearheading HSBC's regional activity supporting the Belt and Road Initiative will be invaluable. He will advise Singapore on how to further position itself as a strategic partner in this multi-decade investment programme.
Q.When was HSBC Singapore's retail banking operation incorporated as a local subsidiary?
When was HSBC Singapore's retail banking operation incorporated as a local subsidiary?
HSBC Singapore's retail operations were incorporated in May 2016. This formation brought the retail banking and wealth management business under the local subsidiary within the city-state.
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