HSBC Appoints Ida Liu as CEO of Its Private Bank

• HSBC has appointed Ida Liu as the chief executive officer for private banking
• The appointment indicates a shift in the management of HSBC’s wealth management operations
• Ida was formerly the worldwide head of Citi Private Bank

HSBC has appointed Ida Liu to the role of chief executive officer, with effect from January 5, the bank announced in a statement Monday. The move represents a change in command at one of the bank’s major wealth management operations.

She has previously worked as the global head of Citi Private Bank and has over 25 years of experience in wealth management, strategy advisory, and business transformation for ultra/high-net worth private families and multi-generational families. The news of her appointment was first reported by Reuters.

She succeeds Gabriel Castello, who had been acting head of the private bank since December of last year.

In his comment on the appointment, Barry O’Byrne, Group CEO of HSBC International Wealth and Premier Banking, explained, "This appointment is a reflection of our desire to build our Private Banking Franchise and make it a ‘Partner of Choice’ for HNW individuals around the world."

The HSBC Group has a private banking business that deals with high net worth individuals. It targets ultra-high net worth individuals. Since HSBC Group has expanded globally, this particular business has also expanded its reach to Asia.

Ida’s hiring is a response to the heightened competition among international banks to retain and win private banking business due to evolving asset allocation strategies, the increasing need for cross-border advisory and increased regulation.

In her previous role running another private banking firm, Ida is also anticipated to deliver more attention and focus on client relationship building and growth-oriented strategies for HSBC in an effort to enhance its footprint in worldwide private banks.