HSBC Holding has announced the appointment of two executives, Amanda Murphy and Frank Fang to jointly run its Asia-Pacific (APAC) commercial banking business as the banking giant increases its focus on the region to boost its growth, according to media reports. Their appointments for the new roles will be effective from December 1, 2021.
Murphy currently heads the commercial banking business in Britain and is tasked with leading commercial banking operations in South and Southeast Asia and be based in Singapore. Fang, who currently serves as the head of commercial banking for Hong Kong and Macau, will continue to lead the businesses in both markets and support clients as they keep striving to capture more opportunities and potential offered by the Greater Bay area. Both Murphy and Fang will report to Barry O’Byrne and the duo will jointly lead the Asian commercial banking business.
O’Byrne, Hong Kong-based CEO for HSBC’s global commercial banking told the media, “Expanding our Asia Pacific leadership team underscores the importance of the region to our strategy. It also enhances the coverage of our clients in this key growth region where we are already the leading international wholesale bank.”
HSBC CEO Noel Quinn is expecting Asia to drive growth by sending global executives to that region and investing in billions of dollars worth of wealth management and business. Last year, the bank’s global commercial banking business generated $13.3 billion, out of which APAC contributed $6 billion.
The banking giant also mentioned that Joseph Ma, the head of its China commercial banking, will now report to O’Byrne and Stuart Tait, who has been leading Asia Pacific commercial banking, will take up Murphy’s role. Along with her new role, Murphy will also have to look after HSBC’s local commercial banking franchises in India, Southeast Asia, Australia and international markets.