HSBC Singapore Strengthens Board

HSBC Singapore has named a new executive director to its board, while Winston Ngan, who retired as a partner of EY Singapore, joins as an independent non-executive director.

Wong Kee Joo, who was appointed as Singapore CEO on 1 June 2021, brings more than 26 years of banking experience across markets like the U.K., Thailand, Hong Kong and China. He was previously HSBC’s regional head of global payments and cash management (GLCM) for the Asia Pacific region since January 2015.

Ngan brings 26 years of professional services experience, including stints with Ernst & Young (EY) in Singapore and Canada. Before retiring, he led EY’s Financial Services Assurance practice, overseeing 1,300 audit professionals across Asean, including Singapore.

HSBC reiterated its commitment to Singapore as a strategic priority market and said it aims to double the total wealth balances of its Wealth and Personal Banking business in the next five years.

Among the bank’s priorities are growing frontline wealth teams to support high net worth (HNW) and ultra-high net worth (UHNW) customer segments; accelerating growth in offshore customer segments, in particular overseas Chinese and Indians, and UHNW market share; and ramping up digital banking capabilities and expanding its product and solution suite, including adding more ESG-themed investments.

As we head into our next phase of growth, Kee Joo’s extensive regional experience in wholesale banking will further strengthen our ability to tap HSBC corporate clients’ personal banking and wealth needs for growth, while Winston’s deep knowledge of Singapore’s banking regulatory requirements will ensure that we have a robust audit framework and the necessary internal controls in place, Mukhtar Hussain, HSBC Singapore chairman, said in the announcement.