HSBC Singapore Names Head of Wealth and Personal Banking Business
HSBC announces the appointment of Ashmita Acharya as Head of Wealth and Personal Banking (WPB), Singapore, with effect 18 January 2023.
Ashmita joins HSBC from Citibank where she has built 20 years of international banking experience. She was most recently Retail Banking Head for Singapore, where she was responsible for wealth management and mortgage business growth in the city state. Prior to that, she was Asia Pacific Head of Retail Segments, leading acquisition, segment proposition, client engagement and analytics for all 17 businesses in the Asia Pacific, Europe, and Middle East regions. HSBC Singapore CEO,
Wong Kee Joo, said: “Ashmita’s extensive experience across retail and wealth strategy, client proposition, digital experience and product development will help to propel our Wealth and Personal Banking strategy encompassing mass and emerging affluent and high net worth segments at a time when we have enormous ambitions to leverage Singapore’s position as a global wealth and sustainability hub for our clients in the region. Our ambition is to deliver the full strengths of the Bank through a compelling integrated offering, new digital capabilities and a comprehensive range of solutions that support client needs anywhere in the world at every stage of their wealth journey.”
shmita will report to both Wong Kee Joo, CEO, HSBC Singapore and Greg Hingston, CEO, HSBC Global Insurance and Partnerships, and Interim Head of WPB, South Asia.
HSBC Singapore offers the full breadth of Wealth and Personal Banking including retail banking, wealth management, insurance, asset management and global private banking. HSBC aims to double its wealth business in Singapore by 2025 and is key in connecting clients to international opportunities. Equally, the Bank is targeting double-digit growth in its commercial banking business in Singapore.
HSBC continues to invest in Asia and has earmarked USD 6 billion in investments over a 5-year period from last year, with half allocated to South and Southeast Asia.
HSBC completed the strategic acquisition of AXA Singapore earlier this year to broaden its insurance product capability and distribution reach, to accelerate the scale up of its broader wealth business in Singapore.