HSBC names new China head
HSBC has appointed Mark Yunfeng Wang as president and chief executive officer of its China business,a major focus for the bank, in what is the latest in a series of senior management changes under interim chief executive Noel Quinn.
Wang, who joined the bank in 2005, has overseen HSBC's global banking and markets business in China since June 2016. Before HSBC, he held management roles at Bank of China and Deutsche Bank.
China is one of HSBC's most important markets in Asia, where it derives about 80% of its earnings. It is among the largest foreign banks in the country and past chief executives have dedicated the group to expansion there.
China is central to HSBC's strategic aim of accelerating growth from its Asian franchise"
"China is central to HSBC's strategic aim of accelerating growth from its Asian franchise," said Peter Wong, HSBC's China chairman. "With his extensive banking experience, particularly in driving China-related business in trading and capital markets, Mark will lead one of the group's most important markets, helping us to support our customers' businesses within as well as outside the mainland."
HSBC interim group CEO Noel Quinn last month announced a drastic overhaul of the bank, slashing 35,000 jobs in its European and US businesses. Its Asian business, which accounts for most of its profits, was left comparatively unscathed.
Quinn replaced John Flint in August, after the bank's chairman Mark Tucker said a "different approach" was needed to navigate the more challenging environment faced by HSBC. Flint was in the job for just 18 months.
Helen Wong, HSBC's then head of greater China, which includes the bank's key market of Hong Kong, departed days after Flint, and now runs Singaporean bank OCBC's wholesale banking division.
HSBC recently came under fire in China last year after the bank provided information that helped US prosecutors build a case against Huawei executive Meng Wanzhou for alleged business dealings with Iran, in contravention of US sanctions.
Current China CEO David Liao will move to another senior position in the group, the bank said.
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