HSBC's New Private Banking Chief: A Strategic Move or a Risky Bet?

In the ever-evolving landscape of global finance, HSBC has made a bold move by appointing Kanas Chan as the new head of global private banking for North Asia and Hong Kong. Effective April 14, 2025, Chan will bring her three decades of wealth management experience to HSBC, transitioning from her role at Deutsche Bank. This appointment comes at a time when the wealth management industry in Hong Kong is brimming with opportunities, as wealth in the region is expected to continue on a rapid growth trajectory. But is this a strategic move that will enhance HSBC's global private banking business, or a risky bet that could backfire?



Chan's appointment aligns with HSBC's strategic goals and growth initiatives in the region. HSBC's global private banking business in Asia has recorded double-digit year-on-year revenue growth in every quarter of 2024, attributed to a 21% increase in invested assets, reaching $199bn. Chan's leadership is anticipated to further enhance this growth trajectory. As Lok Yim, regional head of global private banking, Asia Pacific, stated, "The wealth management industry in Hong Kong is brimming with opportunities as wealth in the region is expected to continue on a rapid growth trajectory. We are delighted that Kanas is joining HSBC Global Private Banking, bringing her substantial experience in client coverage and deep knowledge of investment products and markets. Her expertise will help us continue to spearhead the growth agenda in North Asia."

However, Chan's appointment also raises questions about HSBC's commitment to ethical business practices. With reports emerging that HSBC is reducing its workforce size at Pinnacle, its digital wealth business in China, by nearly half, affecting around 900 employees, one can't help but wonder if HSBC is prioritizing short-term gains over long-term sustainability. As Maggie Ng, head of wealth and personal banking, Hong Kong, noted, "Kanas brings extensive expertise in investment and wealth management, positioning her to effectively lead our high-performing teams in delivering tailored wealth solutions for our private banking clients. Her proven leadership will contribute to our mission to become Asia’s leading wealth manager." But at what cost?

Chan's extensive experience in wealth management, her strategic leadership, and her deep knowledge of investment products and markets will be instrumental in enhancing HSBC's private banking services. But will her appointment be enough to offset the potential backlash from HSBC's workforce reduction? Only time will tell. As the wealth management industry in Hong Kong continues to grow, HSBC's strategic move to appoint Kanas Chan as the new head of global private banking for North Asia and Hong Kong could either be a game-changer or a risky bet that backfires. The future of HSBC's global private banking business in Asia hangs in the balance.