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HSBC PB names new Singapore, Malaysia market heads

The bank has found replacements for Chow Shang-Wei, who left the bank earlier this year and is now Deutsche Bank's head of wealth management for Southeast Asia.

HSBC Private Banking has appointed Ken Ng as market head for Singapore and Gary Goh as market head for Malaysia, effective immediately, according to a statement from the firm. Both Ng and Goh are based in Singapore.

They both report to Philip Kunz, head of Southeast Asia at HSBC Private Banking.

Ng and Goh replaced Chow Shang-Wei, who previously held both roles as market head for Singapore and Malaysia, according to a Singapore-based spokeswoman at HSBC.

Chow left the bank in April and is now Deutsche Bank’s head of wealth management for Southeast Asia, his Linkedin profile shows.

Both Ng and Goh are internal appointments. Ng has been with HSBC since 1995 and joined HSBC Private Banking in 2014. Before his new role, he was a desk head. He has 25 years of experience in financial services across wealth management, corporate banking and risk management.

Goh joined HSBC in 2019 from a global bank where he was most recently market head of South and Southeast Asia according to the statement. His 23-year financial markets experience includes originating strategic opportunities, private financing and providing product solutions to private banking clients, according to the statement.

Other appointments that HSBC made this year include Adam Lau, who has taken up a newly created position as regional head of markets solutions for Asia-Pacific last month and Lavanya Chari, who was poached from Deutsche Bank in May to be the bank’s Hong Kong-based global head of products, investments and collaboration.

The appointments follow after HSBC’s move earlier this year to restructure its wealth management business to combine both high net worth and retail investors in one unit. The revamp came after the bank, which makes about 90% of its profits and 50% of its revenue in Asia, was hurt by a $7.3bn drop in annual profit and pledged to cut 35,000 jobs or 15% of its global workforce over three years.

Part of the Mark Allen Group.