HSBC Singapore gets new CEO

HSBC Singapore gets new CEO

HSBC has appointed Tony Cripps, chief executive of HSBC Australia, to lead its group in Singapore, with effect from April 3, 2017, the bank said on Wednesday.

He succeeds Guy Harvey-Samuel, who will retire from HSBC after more than 38 years at the bank.

Mr Cripps will have his work cut out for him if he is to arrest the sliding profits of HSBC Singapore which has 11 branches.

Singapore customer accounts fell to US$39.1 billion(S$55.4 billion) in 2016 from US$41.3 billion in 2015, according to its 2016 annual report. Singapore pre-tax profit in 2016 was US$439 million, down from US$507 million in 2015 and US$589 million in 2014.

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As CEO of HSBC Singapore, Mr Cripps will have responsibility for leading HSBC through its next phase of growth and investment in Singapore, the bank said. HSBC incorporated locally its retail banking and wealth management business in May 2016.

Through its favourable demographics, infrastructure needs and openness to inbound investment, Asia continues to be the engine-room of global economic growth, said HSBC. It said that Singapore's centrality to the broader Asian trade, investment and wealth flows makes it a cornerstone market for HSBC's pivot to Asia, including a strategic focus on the ASEAN region.

In its "Pivot to Asia" strategy unveiled in June 2015, HSBC said that it would prioritise and accelerate investments in Asia, with a specific focus on the Pearl River Delta and ASEAN. Within ASEAN, Singapore, Malaysia and Indonesia have been earmarked as priority markets.

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Prior to becoming the CEO of HSBC Australia, Mr Cripps held several positions with HSBC including CEO HSBC Philippines and leadership positions in the lender's global banking and markets business in London and Hong Kong. Mr Cripps was also appointed a non-executive director of HSBC Bank (Singapore) in 2016.

Mr Harvey-Samuel will continue to serve HSBC by succeeding Gordon French as non-executive chairman of HSBC Bank (Singapore) later this year, subject to obtaining regulatory approval.

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This article was first published on Feb 23 , 2017.
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