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HSBC PB plucks exec from J Safra Sarasin

HSBC Private Banking has appointed Benedikt Maissen as Singapore-based market head for Indonesia, according to a statement from the firm.
Jakarta, Indonesia

The appointment came after the departure of Ingrid Widjaja, a 19-year veteran who left HSBC PB and joined Deutsche Bank Wealth Management for the role of Southeast Asia group head for client coverage in February.

Maissen has 39 years of private banking experience in Asia and Europe. Before he joined the bank, he was chief executive officer for the Singapore branch of Bank J Safra Sarasin, according to his personal Linkedin profile.

Prior to joining the Swiss boutique in 2016, he headed the Zurich and Singapore branch for Societe Generale Private Banking and worked for Barclays Wealth.

Maissen, based in Singapore, has assumed his new role today, according to the bank’s Singapore-based spokeswoman. In his new role, Maissen is responsible for business development and client engagement for the private banking division in Indonesia. He reports to Philip Kunz, the bank’s head of Southeast Asia.

The broader plan of HSBC is to strengthen its private client business in Asia, according to a new strategy published on 11 June.

Citing figures showing that high net worth assets will double by 2025, HSBC estimates household income will more than double in the region. By 2025 HNW wealth is forecast to reach $42trn as average household income increases 2.3 times to $32,600.

In terms of the number of high net worth individuals, Indonesia was the fastest growing country across Asia-Pacific with a 13.7% year-on-year growth in 2016, according to the latest report by consultancy Capgemini.

HSBC Private Banking manages high net worth clients assets of $108bn, according to a survey report.

Part of the Mark Allen Group.